This tiny biotech spun a quick $2 billion from $12 million

More than a year ago, the biotech Endocyte Inc. was backed into a corner.

The West Lafayette, Ind.-based company ECYT, -0.06% announced a “strategic restructuring,” that dreaded corporate-speak, including about a 40% cut to its workforce, leaving it with just 47 employees.

The company was also making major changes to its clinical trials, not the best sign as those power a biopharmaceutical company’s entire business. The stock plummeted 30% that day, in June 2017, and more in the days thereafter.

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