ENCY shareholders had a rough day on Monday, as they saw their stock trade down almost 50% in extremely heavy trading (53.5 million shares traded versus normal daily average of 1.08 million shares.) The stock was down on Monday after the company received an Approvable Letter requesting additional trial work for Thelin. This news prompted analysts to downgrade the stock in droves, with notable downgrades coming from Brean Murray and First Albany. ENCY crashed through its previous 52 week low of $6.85 on the news, setting a new low mark of $4.53.
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