Ritter Pharmaceuticals Inc (NASDAQ: RTTR)
Ritter Pharmaceuticals is having a rough start to the trading session, and for good reason. The company announced that a Phase 2b/3 study reached its primary endpoint. However, things aren’t always as they seem and investors seem to have caught on quickly. This lead to declines and prompted our partners at Trade Ideas to send the alert. As a result, RTTR is currently (9:50) trading at $1.70 per share after a loss of $0.25 per share or 12.82% thus far today.
RTTR Tries To Get Away With Misleading Data
As mentioned above, Ritter Pharmaceuticals isn’t having the best of starts to the day today after attempting to mislead investors. You see, the company posted phase 2b/3 clinical data from a lactose intollerance study that it claims met its primary endpoint. However, that’s only the case because the company has made the decision to exclude data from a large amount of the patients. In fact, 72 enrolled patients or 20% of the total patient population in the study were excluded from the reported results. The company says that these patients were removed as the result of significant irregularities.
If we take a look at the original numbers, it’s clear that the primary endpoint was missed. In fact, in the original analysis of the data, the placebo response rate was 31%, which means that the primary endpoint was missed. However, by removing the 72 patients with “significant irregularities”, the placebo response rate fell to 26%, allowing the company to say it hit its primary endpoint, wben really, that’s not the case!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching RTTR incredibly closely. In particular, the company says it plans on a Phase 3 study and potential submission to the FDA. However, considering the misleading of investors, that isn’t enough to push the stock up today. Nonetheless, we’ll continue to follow the story closely and bring you the news as it breaks!
What Do You Think?
Where do you think RTTR is headed moving forward? Join the discussion in the comments below or on StockTwits!
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