Inotek Collapses By 70% After Phase 3 Trial Disappoints

Inotek Pharmaceuticals Corp ITEK shares are trading lower by $4.27 at $1.83 in Tuesday's session. The catalyst for the 70 percent decline is that its Phase 3 Trial of Trabodenoson for the treatment for Glaucoma did not meet it primary endpoint in its first Phase 3 trial.

So far, its sharply lower open stands as the high for the day at $2.20. From there, it has continued to make new lows for the session with the current one standing at $1.75. At this time, it has not been able to distance itself from that depressed level.

That low far exceeds its former all-time low that was made in April 2015 at $4.68. Today's price action is taking place on much higher average volume as 7.2 million shares have already traded compared to its 20-day average of only 683,000.