CRME had a rough day on Wednesday, trading down almost 20% to close the session at $9.03 after announcing that their application for their cardiac-drug candidate RSD1235 had been rejected. The company received a “refusal to file” letter, meaning that there is problems with the company’s application. Volume was extremely heavy on the news, with over 11 million shares of the stock changing hands, compared to a normal daily average volume of just over 500k shares traded. As of Wednesday’s close, CRME was trading about 4 1/2 points under its 52 week high of $14.45, and was sporting a market cap of just under $500 million dollars.
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