Tesaro Shares Tumble After Disappointing Data Results

Shares of Tesaro (NASDAQ: TSRO) dropped as much as 32.19% to $28.52 following the announcement that data from two trials showed that rolapitant for chemotherapy induced nausea and vomiting (CINV) missed secondary endpoints.

BMO Capital Markets analyst Jim Birchenough reported that investors had expected Tesaro's rolapitant to differentiate itself from other treatments for CINV based on nausea benefit which didn't reach statistical significance. Birchenough added that a better dosing schedule and the absence of reactions may not be enough to differentiate from Merck's Emend.

Tesaro closed at $37.70 on Friday.