Palatin Technologies' Disappointing Data From Dry Eye Disease Study, Stock Plummets
Portfolio Pulse from Vandana Singh
Palatin Technologies Inc (NASDAQ:PTN) shares plummeted after the company announced results from its Phase 3 clinical trial for PL9643 in treating dry eye disease (DED), which showed mixed efficacy results. While the treatment demonstrated statistically significant results for the primary symptom of pain and other symptom endpoints, it did not achieve statistical significance for the primary sign endpoint and secondary sign endpoints. The company noted the treatment's clinical meaningfulness and ongoing additional analyses.
February 28, 2024 | 3:57 pm
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Palatin Technologies Inc's stock fell significantly after announcing mixed results from its Phase 3 trial for PL9643, a treatment for dry eye disease. Despite achieving statistical significance for symptom relief, it failed to meet primary sign endpoint goals.
The stock price of Palatin Technologies Inc experienced a sharp decline due to the mixed results from its Phase 3 clinical trial for PL9643. While the treatment showed statistically significant symptom relief, the failure to meet primary sign endpoint goals likely contributed to negative investor sentiment. Given the high expectations for new treatments in the large DED market, any perceived shortcomings in clinical trial outcomes can significantly impact investor confidence and stock price.
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