Why Are Rafael Shares Plunging Today?

Rafael Holdings Inc's RFL Rafael Pharmaceuticals Inc announced that the AVENGER 500 Phase 3 trial for CPI-613 (devimistat) did not meet its primary endpoint of significant improvement in overall survival in pancreatic cancer patients.
Data from 528 patients showed the median overall survival of 11.1 months in the treatment arm, compared to 11.7 months in the control arm.
Devimistat is also being evaluated in a Phase 3 trial in patients with relapsed or refractory acute myeloid leukemia (AML).
After a pre-specified interim analysis, the independent data monitoring committee has recommended that the trial be stopped due to lack of efficacy.
"We are disappointed by the results of these two Phase 3 trials with devimistat. We plan to work in collaboration with Rafael Pharmaceuticals to evaluate the data further," said Ameet Mallik, CEO, Rafael Holdings Inc.
Price Action: RFL shares are down 79.90% at $6.06 during the market session on the last check Thursday.