Ophthotech Shares Disintegrate After Failed Phase 3 Trial Of Fovista

Ophthotech Corp OPTH shares are trading sharply lower by $32.85 at $5.92 in Monday's session. The catalyst for the 85 percent decline is the announcement that the primary endpoint in two Phase 3 trials of Fovista was not met.

That news has prompted three Wall Street firms to downgrade the issue.

The meltdown from pre-market trading continued into the regular session. After a sharply lower open from Friday's close ($38.77) to $6.23 on the open, it managed a brief pop to $6.48 before continuing its move lower.

It has now dipped under $6.00, with the current low standing at $5.85 and is attempting to re-enter the $6 handle.