Protagonist Therapeutics Inc.'s stock /zigman2/quotes/205674595/composite PTGX +5.82% plunged 56% toward a 10-month low in morning trade Monday, after biopharmaceutical company said it was discontinuing its phase 2 trial of its ulcerative colitis treatment after an independent data monitoring committee (DMC) deemed the trial "futile." The DMC said its recommendation was based on analysis of the primary endpoint of clinical resubmission. The company said based on the DMC's recommendation, further treatment of patients currently in the study will be discontinued, and it will postpone its decision regarding the initiation of a phase 2/3 trial. "We are very disappointed with this futility-based outcome which was also accompanied by an unexpectedly high placebo rate," said Chief Executive Dinesh Patel. "We will conduct an extensive review of the complete dataset on the totality of patients enrolled in the trial before making any further decisions about the future development of PTG-100." The stock, which was trading at the lowest level seen since May 2017, has lost 32% over the past 12 months, while the iShares Nasdaq Biotechnology ETF /zigman2/quotes/206189322/composite IBB +0.52% has gained 9.6% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.29% has climbed 12%.