Over $1 billion has been wiped off the value of Sirtex Medical shares after the companies clinical trial failed to show an improvement over for liver cancer therapy over the standard chemotherapy treatment.
The shares themselves had seen growth of 150 % in the last 12 months when it announced that it would begin trialling the new treatment.
As of Monday morning, their shares were trading at around $39 but as Tuesday approached they were seen as low as the $14 mark and recovered to above $17.30 around lunchtime. Around 2 o’clock they rose again to around $18.70 and then dropped again on closing at 4pm to $17.53.
This comes after last month UBS analyst Andrew Goodsall and Wilson HTM analyst Shane Storey upgraded investment recommendations to “buy” and gave 12 month target prices of around $50.00 for the stock.
Oncosil shares also dropped by 27.5% over the course of the day which is another company developing similar technology.
Stocks Market Movers
Karoon Gas Australia Limited (KAR) had a great day though rising over 14% to $2.60
Sirtex Medical was the worst performing on the ASX200 which was down 55% on closing at $17.53