Oramed’s oral insulin pill fails; stock is down 72%

Shares of Oramed Pharmaceuticals Inc.
ORMP,
-76.56%
plunged 72% in premarket trading on Thursday, the day after the company told investors its oral insulin medication did not meet the primary or secondary endpoints in a Phase 3 clinical trial. The randomized, double-blind, placebo-controlled trial compared Oramed’s treatment to placebo to see if it improved glycemic control in patients with type 2 diabetes. The company said it will discontinue this research . Oramed’s stock is down 10.7% for the past 12 months, while the broader S&P 500
SPX,
+0.56%
is down 15.7%.