GTx (NASDAQ:GTXI) stock plummeted on Monday after the biotech company said that a pair of Phase III studies of a muscle drug for cancer patients had failed, FierceBiotech reported.

As quoted in the market news:

The idea behind this study was that stronger patients suffering from non-small cell lung cancer (NSCLC) would live longer. Investors, though, weren’t in any mood to accept the company’s bullish interpretation of failure. GTx’s share price immediately plunged close to 70%.

Click here for the full article on FierceBiotech