Nivalis Throttled After Failed Drug Trial, Multiple Downgrades

Nivalis Therapeutics Inc NVLS shares are trading lower by $3.60 (57 percent) at $2.65 in Tuesday's session.

After the close on Monday, the company reported it failed to demonstrate benefit in absolute change in predicted FEV1 or in Sweat Chloride Reduction at 12 weeks.

The failed trial has prompted four Wall Street firms to downgrade the issue including Raymond James, Cowen, Baird and Stifel.

After a lower open, it managed a slight bounce to $3.04 before continuing its move lower. It has continued to make new lows for the day, with the current standing at $2.58. That far exceeds its former all-time low that was made in March at $3.68.