Stock Alert: Concert Pharmaceuticals Tanks 40%

(RTTNews) - Shares of Concert Pharmaceuticals, Inc. (CNCE) are losing nearly 40% on Monday morning after the drug company said CTP-692 study in schizophrenia fails to meet primary or secondary endpoint.

CNCE is currently trading at $6.28, down $4.19 or 39.97%, on the Nasdaq.

Concert Pharmaceuticals announced that its Phase 2 clinical trial to evaluate CTP-692 as an adjunctive treatment in patients with schizophrenia did not meet the primary endpoint or other secondary endpoints. CTP-692 is a deuterated form of D-serine, an endogenous amino acid that is a co-agonist of the NMDA receptor.

"Unfortunately, we didn't see the results we hoped for to support continuation of this program. Going forward, we will focus our internal resources on the advancement of CTP-543, which is currently in Phase 3 evaluation for the treatment of alopecia areata, and evaluation of additional pipeline candidates," stated Roger Tung, Ph.D., President and Chief Executive Officer of Concert Pharmaceuticals.