initial public offerings (IPOs) trading on American exchanges

Thursday, September 12, 2019

Tocagen (TOCA) : late-stage trial of cancer treatment misses primary endpoint

** charts after earnings **

Shares of Tocagen Inc. plummeted 82% on heavy volume toward a record low Thursday, after the gene company said a late-stage trial of its brain cancer treatment failed to meet its primary endpoint of survival compared with standard of care treatment. Trading volume of 975,000 shares ahead of the open was already more than triple the full-day average of about 253,000 shares. The company said all secondary endpoints of the phase 3 trial evaluating Toca 511 and Toca FC in patients with recurrent high grade glioma undergoing resection showed no meaningful difference between the arms of the trial. The company said further analysis of the trial data is underway. The stock is on track to open below the $1 mark, below the previous record low close of $3.00. It had already tumbled 49.1% year to date through Wednesday.

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