Shares of Otonomy Inc. OTIC, -51.02% plunged 50.1% to pace all premarket decliners, after the biopharmaceutical company said Phase 3 trial of its Ménière’s disease (vertigo) treatment failed to meet its primary endpoint. “We are disappointed by the top-line results for the primary intent-to-treat population and are undertaking an assessment to understand the difference observed with the per protocol analysis,” said Chief Executive David Weber. He said the company’s focus turns to the “strong pipeline,” highlighted by the “successful” clinical trial results of its tinnitus and hearing loss treatments, with clinical readouts anticipated in mid-2022. Weber said he expects the company’s existing cash balance is enough to to achieve the clinical readouts. The stock has rallied 51.8% over the past 12 months through Friday, while the iShares Nasdaq Biotechnology ETF IBB, -1.08% has advanced 35.1% and the S&P 500 SPX, -0.54% has gained 17.1%.
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