Allena's hyperoxaluria study data falls short of expectations - Credit Suisse

Allena Pharmaceuticals

07/11/2019 20:32

** Drug developer Allena Pharmaceuticals' shares  ALNA.O 
slump 56.7% to a record low of $3.12; stock second worst
performer on the Nasdaq
    ** Co says reloxaliase, its experimental drug to treat
patients with enteric hyperoxaluria (EH), met the main goal in a
late-stage trial but fell short of investor expectations,
according to analysts  urn:newsml:reuters.com:*:nGNX3L1tWY
    ** Hyperoxaluria is a metabolic disorder characterized by
elevated urine levels of oxalate - a normal constituent of
urine, the excessive accumulation of which can cause kidney
stones; EH is a severe subset of hyperoxaluria
    ** The drug demonstrated a statistically significant change
in 24-hour urinary oxalate excretion compared to placebo,
meeting the main study goal, co says
    ** However, the results indicate a higher-than-expected
placebo response rate, Credit Suisse says; brokerage downgrades
stock to 'neutral' from 'outperform' and cuts PT to $4 from $7
    ** ALNA also says 48.3% of patients on the drug showed ≥20%
reduction in urinary oxalate (UOx) excretion vs 31.6% of those
on placebo
    ** This secondary goal of the study, which measures the
number of responders to the treatment, slightly misses
statistical significance, Baird says 
    ** Including session loss, stock had fallen 48.8% YTD

 (Reporting by Dania Nadeem and Manojna Maddipatla in Bengaluru)
 ((Dania.Nadeem@thomsonreuters.com; within U.S. +1 646 223 8780,
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