Leap Therapeutics has come crashing down to earth. The biotech axed plans to advance into phase 3 in gastric cancer on the basis of midstage data, sending its stock down 60% to below $1, but it is forging ahead in another indication.

Shares of Leap Therapeutics slid after disappointing initial data from two mid-stage clinical trials of its oncology treatment, resulting in the discontinuation of one clinical program.