Stock Prices and Clinical Trial Characteristics of Early Clinical-Stage Ophthalmology Companies

This contains an Excel workbook of screened and selected early clinical-stage ophthalmology companies and their clinical trial outcome announcements and corresponding trial characteristics (along with a legend). Given the small sample size of each variable and lack of assumption of normality as a result, non-parametric methods were used to interpret the data. The Mann-Whitney U test was used for binary categorical variables. The Kruskal-Wallis test was used for categorical variables with three or more classes.

Overall, the data shows that larger price decreases are linked to negative vs. positive or unmentioned primary endpoint outcomes. Also, stock price changes were greater when secondary endpoints were not mentioned vs. when met. Main (e.g., Phase 2/3) studies had higher impacts on price changes than extension studies. That said, clinical trial phase or drug characteristics were not associated with price changes.