NEW YORK, NY / ACCESSWIRE / August 20, 2018 / Tesla shares were hammered on Friday after CEO Elon Musk revealed to the New York Times that the stress of his job is getting to him. Shares of Bellerophon Therapeutics saw unusual activity, climbing over 20% despite any news.
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Bellerophon Therapeutics, Inc.
Tesla, Inc. shares plummeted nearly 9% on Friday. The electric vehicle maker has been on a roller coaster this month since CEO Elon Musk tweeted that he was considering taking the company private and had secured funding. The SEC is looking into whether or not what Musk said was true. In an interview with The New York Times published last Thursday night, Musk had said, "This past year has been the most difficult and painful year of my career. It was excruciating." The CEO revealed that he had been working 120-hour weeks, and sometimes would not leave the factory for days on end. He said, "The worst is over from a Tesla operational standpoint," he said. "But from a personal pain standpoint, the worst is yet to come." UBS analysts have recently predicted that Tesla is going to lose around $6,000 on each cheaper, base version of its Model 3 due to the car's powertrain not being cheap as expected.
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Bellerophon Therapeutics, Inc. shares closed up 22.81% on Friday on tremendous trading volume of roughly 3.6 million shares. There was no news or catalyst to explain the jump but earlier in the month the clinical stage bio-therapeutics company had announced that the Data Monitoring Committee (DMC) completed its pre-specified interim analysis from the first 75 enrolled subjects completing 16-weeks of treatment in the Phase 3 INOvation-1 study evaluating INOpulse® for the treatment of pulmonary arterial hypertension (PAH). According to the company's press release, "INOpulse® was well-tolerated and there were no safety concerns that led the DMC to recommend concluding the trial. The data showed improvement in pulmonary vascular resistance, however, the DMC deemed the overall change in 6 minute walk distance, the primary endpoint of the trial, insufficient to support the continuation of the study." CEO Fabian Tenenbaum remarked, "While we are disappointed in the overall efficacy results of this study, we are encouraged by the positive data in hemodynamics and pleased with the safety and tolerability profile of INOpulse®. Over the next few weeks, we intend to further analyze the full data set available to us from this interim analysis in order to determine the next steps in our PAH program."
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