Why Regado Biosciences (RGDO) Stock Is Nosediving 50% Today

Regado Biosciences Inc (RGDO) is one of Monday’s notable stocks in decline, down more than 50% after the company said in a press release it had permanently terminated phase-3 trial testing of Revolixys Kit, its lead program in fighting coronary artery disease. The company said the decision was made based on a recommendation from the trial’s Data and Safety Monitoring Board [DSMB] following their analysis of the data from the first 3250 patients with acute coronary syndromes enrolled in what was intended to be a 13,200-patient trial comparing the safety and efficacy of Revolixys Kit with bivalirudin.

Regado Biosciences said the study’s data and safety-monitoring board “indicated that the level of serious allergic adverse events associated with Revolixys was of a frequency and severity such that they recommended that we do not enroll any further patients in the Regulate-PCI trial.”

Following the news, Regado Biosciences was downgraded from ‘Buy’ to ‘Hold’ at Deutsche Bank (DB).

The thinly traded equity, whose price was already down 40% so far this year through Friday’s close – was down 52.11% to $1.36 at 9:03 a.m. ET. More than 703.000 shares have already changed hands in early trading hours, compared to the average 3-month average volume of 490,138.

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