India, July 11 -- Capricor Therapeutics, Inc. (CAPR) shares sank 30 percent to $7.98 on Friday after the company announced it received a Complete Response Letter from the U.S. FDA for its Biologics License Application for Deramiocel, a cell therapy candidate targeting cardiomyopathy in Duchenne muscular dystrophy patients.
The stock opened at $6.99 and ranged between $6.74 and $8.68 on heavy volume of nearly 17 million shares, far exceeding its average volume of 2.6 million on the Nasdaq. CAPR now trades well below its 52-week high of $23.40, hovering closer to its low of $3.52.
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The FDA cited a lack of substantial evidence of effectiveness and outstandin...