Agile Therapeutics Inc (NASDAQ: AGRX) shares are trading lower by $2.30 (42 percent) at $2.70 in Wednesday's session.
The Street was not satisfied by its top-line results from its Phase 3 SECURE trial of Twirla. The company plans to resubmit results later in the first half of 2017.
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After a much lower open ($1.93 vs. Tuesday's close of $5.00), shorts and new longs seized the opportunity and began to aggressively purchase shares of the issue. The current low of $1.83 far exceeds its former all-time low that was made in Tuesday's session at $4.46.
The issue has continued to make new highs for the session with the one standing at $2.77.
Today's price action is taking place on much higher than average volume. So far, 11 million shares have traded compared to its 20-day aver age of only 666,000.
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