Ophthotech's Stock Plunges Toward Record Low After Drug Trials Miss Primary Endpoints

Shares of Ophthotech Corp. plunged 79% toward a record low in active premarket trade Monday, after the biopharmaceutical company said two phase 3 trials of its age-related vision loss treatment failed to meet their primary endpoints. "We are very disappointed in the results from these trials, particularly for patients afflicted with wet [age-related macular degeneration]," said Chief Executivew David R. Guyer. "We will continue to analyze the data from these two studies to better understand the trial results." The stock traded at $7.95 ahead of the open, on volume of about 200,000 shares. The regular-session all-time intraday low for the stock, which went public at $22 a share in September 2013, was $22.61 in Nov. 18, 2013. The stock had tumbled 51% year to date through Friday, while the iShares Nasdaq Biotechnology ETF had lost 20% and the S&P 500 had gained 11%.