Argos Therapeutics Inc (NASDAQ:ARGS) investors are running for the hills, after the drug maker announced early this morning that it will be ending a key ongoing clinical study.

According to Argos, the Independent Data Monitoring Committee (IDMC) for the company’s pivotal Phase 3 ADAPT clinical trial of rocapuldencel-T in combination with sunitinib/standard-of-care for the treatment of metastatic renal cell carcinoma (mRCC) has recommended that the study be discontinued for futility based on its planned interim data analysis. The IDMC concluded that the study was unlikely to demonstrate a statistically significant improvement in overall survival in the combination treatment arm, utilizing the intent-to-treat population, the primary endpoint of the study. The IDMC noted that rocapuldencel-T was generally well-tolerated in the trial.

Argos shares reacted to the news, tanking nearly 70% to $1.40 in early trading Wednesday.

“We are extremely disappointed with these results, which included seventy-five percent of the targeted events needed to permit the primary analysis and assessment of overall survival in the study,” said Jeff Abbey, president and chief executive officer of Argos Therapeutics. “We sincerely appreciate the patients and investigators who have participated in the ADAPT Phase 3 trial, and remain convinced in the ability of precision immunotherapy to improve the lives of patients.”

On the ratings front, Argos has been the subject of a number of recent research reports. In a report issued on January 20, FBR analyst Edward White reiterated a Buy rating on ARGS. On December 7, H.C. Wainwright’s Joseph Pantginis reiterated a Buy rating on the stock and has a price target of $18.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward White and Joseph Pantginis have a yearly average loss of 9.9% and 18.2% respectively. White has a success rate of 26% and is ranked #4392 out of 4496 analysts, while Pantginis has a success rate of 29% and is ranked #4441.

Argos Therapeutics, Inc. is a biopharmaceutical company. The company focuses on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases based on its proprietary technology platform called Arcelis. Its product candidates include AGS-003 for the treatment of metastatic renal cell carcinoma, or mRCC, and other cancers; and AGS-004 for the treatment of HIV.