Axovant Sciences Falls 70% After Phase 3 Intepirdine MINDSET Trial Doesn't Meet Endpoint

Axovant Sciences Ltd AXON shares are trading lower by $17.65, or 72 percent, at $6.60 in Tuesday's session.

The catalyst for the sharp decline is the announcement that is Phase 3 Intepirdine MINDSET clinical trial did not meet its co-primary efficacy endpoints. The drug is being tested for use with patients with Alzheimer's disease.

After a much lower open, Axovant attempted to rally but found sellers at $7.40 and resumed its move lower. It went on to breach its opening print of $6.37, but only fell to $6.13 and is attempting to rebound.