The Situation
CinCor Pharma Inc (NASDAQ: CINC) shared -- a clinical-stage biopharmaceutical company that aims to advance clinical candidates with a focus on cardiovascular, metabolic, and kidney diseases -- plunged on Monday after the Phase 2 trial of its hypertension treatment didn’t meet primary endpoints. As of 12:00 PM, ET CINC shares dropped by 46.29%.
The Explanation
CinCor Pharma Inc went public on January 7, 2022, with an initial plan of raising $200 million. The company launched at $16 per share and reached its all-time high of $37.80 on Aug 26 before dropping to $14.25 as of press time.
The company said that its Phase 2 trial of baxdrostat, its hypertension treatment, didn’t meet its primary endpoint. However, the trial confirmed the safety profile and tolerability of the treatment.
See the $CINC chart performance here.
The Effect
CinCor Pharma Inc stock reported losses after it failed to meet the Phase 2 trial of its hypertension treatment expectations. The investors’ reaction happened despite the company remaining on track to meet with the US FDA in January to discuss its Phase 3 program plans.
Since investors can’t know for sure whether the company will successfully pass its Phase 3 program in January of 2023, it is more important to focus on CinCor’s business.
See full $LRN flow at: https://unusualwhales.com/stock/CINC/flow-overview
