Trial Hold And Downgrades Sink Alcobra By 50%
Alcobra Ltd (NASDAQ: ADHD) shares are trading higher lower by $2.57 at $2.05, or 55 percent lower in Thursday's session.
After announcing an IND clinical hold affecting the MDX Phase III Measure Study, both Oppenheimer and Cantor Fitzgerald downgraded the issue.
The issue, which debuted in October 2013 at the $8 level, when on to make its all-time high in March 2014 at $24.79 before embarking on a long-term downtrend.
The study being put on hold has investors heading to the exit in the issue. Following a sharply lower open ($2.19 vs. Wednesday's close of $4.62), it managed a slight bounce to $2.35 before resuming its moves lower.
It has gone on to make a new all-time low at $1.95 and found a host of buyers that brought it back into the $2 handle.
Today's price action is taking place on much higher than average volume. With four hours remaining in the session, nearly 6 million shares compared to its 20-day average of only 282,000.
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