NEW YORK, Oct 6 (Reuters) - Sunesis Pharmaceuticals and Alcobra Ltd were both sharply lower in premarket trading on Monday, with both names tumbling on heavy volume after reporting the results of late-stage drug trials.
Sunesis lost almost two-thirds of its value, down 66 percent to $2.25 on volume of more than 4.4 million shares after it said its experimental cancer drug didn’t meet the main goal in its trial.
The stock was the most actively traded name on the Nasdaq, and was on track for both the most active day in its history, and its biggest one-day decline ever. With the day’s move, the stock will turn sharply lower for the year. As of Friday’s close, it was about 40 percent for 2014.
Alcobra dropped 42 percent to $8.20 and was the second-most active Nasdaq name, behind Sunesis. It said its drug to treat adult attention deficit disorder met the main goals of a late-stage trial - but only after excluding data from four patients who reacted positively to a placebo.
Futures snapshot at 8:32:
* S&P 500 e-minis were up 9 points, or 0.46 percent, with 172,874 contracts changing hands.
* Nasdaq 100 e-minis were gaining 16.25 points, or 0.4 percent, in volume of 30,761 contracts.
* Dow e-minis were up 79 points, or 0.47 percent, with 27,398 contracts changing hands. (Editing by Alden Bentley)