Coloron Tissue Gene Stock Crashes 90% After Failed U.S. Phase 3 Trial, Falls from 149,000 Won to 15,000 Won in Two Months

According to Financial News, Coloron Tissue Gene announced on July 20 that its TG-C cell therapy for knee osteoarthritis failed to meet statistical significance in its first U.S. Phase 3 analysis. The stock plummeted following the disclosure, hitting three consecutive daily limits before collapsing 28.74% to 15,000 Korean won on July 24.

The stock has lost over 85% since late June, falling from a 52-week high of 149,000 won set on May 12. Korea Investment & Securities downgraded its rating from "Buy" to "Neutral" and removed its 280,000 won price target, which it had set just two months prior.