Concert Pharma down 32% on failed late-stage AVP-786 study

Thinly traded micro cap Concert Pharmaceuticals(CNCE -32.1%) is down on more than a 5x surge in volume, albeit on turnover of only 916K shares, in apparent response to a failed Phase 3 study by collaboration partner Otsuka's Avanir Pharmaceuticals evaluating its deuterated dextromethorphan (AVP-786) for the treatment of moderate-to-severe agitation in patients with Alzheimer's disease dementia. The study did not meet the primary or key secondary endpoints.