02:31 PM EDT, 06/17/2024 (MT Newswires) -- Aerovate Therapeutics ( AVTE ) said Monday its AV-101 drug candidate did not meet its primary endpoint during phase 2b trial.

After the trial results, Jefferies downgraded the stock to hold from buy while cutting its price target to $2 from $65, and Wells Fargo to equalweight from overweight.

Shares plummeted 92% as intraday trading volume catapulted to over 20 million from a daily average of roughly 217,000.

Ovid Therapeutics ( OVID ) shares sank 70% after Takeda's (TAK) studies evaluating soticlestat for the treatment of Dravet sand Lennox-Gastaut syndromes missed their primary endpoints. Ovid sold its rights to soticlestat back to Takeda three years ago.

More than 16 million shares traded intraday compared with a daily average of about 184,000.

iPower (IPW) said Monday it has struck a deal to sell $5 million securities in a registered direct offering, with Roth Capital Partners as the placement agent.

Shares dropped 32% as intraday trading volume advanced to over 1.2 million from a daily average of about 637,000.

Price: 1.69, Change: -22.93, Percent Change: -93.13