Cerecor Inc. Shares Drop 37% After Midstage Trial Failure

Cerecor Inc. shares dropped 37% in pre-market trade Monday after the company said its midstage clinical trial for a nicotine withdrawal treatment failed to meet its primary objective. The company is also developing the CERC-501 treatment for Major Depressive Disorder, which it said it will continue to do. The biotech, which was valued at $1.75 at Friday's close, saw shares sink 47.8% year-to-date, compared with a 7.2% rise in the S&P 500 .