Shares of Tobira Therapeutics Inc. lost about half their value in premarket trade Monday, after the company said a Phase 2b trial of its liver disease treatment missed its primary endpoint. The company said the treatment met one of two secondary endpoints, which regulators have recently identified as an endpoint for Phase 3 studies to support a marketing application. Tobira said the trial results still exceeded expectations, and that it plans to meet with regulators to discuss the Phase 3 study design. The stock plunged 49% to $5.69, putting it on track to open at an all-time low. Volume topped 140,000 ahead of the open, compared with the full-day average of about 118,000 shares, according to FactSet.
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