Avanir’s Alzheimer’s miss weighs on Concert shares

Concert fell 37% on Friday after its partner Avanir reported that AVP-786 missed its primary endpoint and key secondary endpoints in a Phase III trial for mild to severe agitation in patients with Alzheimer's dementia.

AVP-786 did not lead to an improvement in agitation versus placebo as measured by the Cohen-Mansfield Agitation Inventory in the study 15-AVP-786-302. Concert Pharmaceuticals (NASDAQ:CNCE) dropped $3.62 to $6.25, losing about $85 million in market cap...