Dipexium Pharmaceuticals Sinks 77% To New All-Time-Low After Failed Drug Trial

Dipexium Pharmaceuticals Inc DPRX shares are trading lower by $10.00 at $2.75 in Tuesday's session. The catalyst for the move is the announcement that its drug Locilex has failed to meets in primary endpoint in its Phase 3 trial.

After a sharply lower open ($1.95 vs. Monday's close of $12.75), it went lower by another nickel to $1.90 before reversing course. That marks a new all-time-low by nearly $5 as the former all-time-low was made in March at $6.74.

Related Link: Importance Of Phase III Trials

Since making the low, its has continued to make new highs for the session with the current one standing at $2.80.

Today's price action is taking place on much higher than average volume. With just less than four hours remaining in the session, it has traded 12.8 million shares compared with its 500day average of just 288,000.