When it comes to healthcare stocks, they tend to live and die by results. That’s likely what triggered a huge loss for Altamira Therapeutics (NASDAQ:CYTO) in Tuesday afternoon’s trading. Word got out about the results of Altamira’s new COVID-19 therapy, which were definitely far from ideal.
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The trial, known as Covamid, focused on Altamira’s therapy, known as Bentrio. Bentrio did manage to show some positive results during Covamid, including a clear reduction in virus load in the nasal passages. It also showed a decline in overall symptoms. However, the Covamid tests failed to meet their primary endpoint, which was bad news for Bentrio. A second test, known as Nasar, offered a little more hope. The Nasar testing found that there was a “statistically significant reduction of nasal symptoms” when compared to the results produced by a saline nasal spray.
Since Nasar appears connected not to COVID-19 but rather a condition known as “seasonal allergic rhinitis,” the news overall is fairly depressing. But it still has some use, and that much is good news for Altamira. Given the plunge in stock value, though, the investors aren’t so pleased. That and the reverse stock split seen a few months back likely didn’t help either.
The last five days of trading for Altamira stock demonstrate what happens when bad news hits. Share prices hovered around the $5 per share mark for days. Then the news about the trials hit, and the company lost close to 40% of its value. A modest rally followed, but the rally proved volatile and kept Altamira shares well under yesterday’s prices.
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