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March 27, 2015, 9:29 a.m. EDT

Ohr Pharmaceutical's stock plunges on heavy volume after disappointing study results

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By Tomi Kilgore

NEW YORK (MarketWatch) -- Ohr Pharmaceutical Inc.'s stock plunged 65% in heavy, premarket trade Friday, after the company said a Phase II study of its treatment for age-related macular degeneration failed to meet its primary endpoint. Volume just ahead of the open was 4.6 million shares, or nearly 10 times the full-day average of about 492,000 shares, according to FactSet. The stock is set to open at the lowest level since September 2012. Despite the study's disappointing results, the company said they still supported the planned Phase III development program.

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