Eloxx Pharma set for record low after lung disease treatment data disappoints

Eloxx Pharmaceuticals

17/11/2021 13:59

** Shares of rare disease biotech co  ELOX.O  fall 8.5% to
$1.08 premarket - set for record low if loss holds
    ** Co says its lead candidate ELX-02 met one of its
secondary goals of reducing sweat chloride in mid-stage trial
    ** ELX-02 is its experimental treatment targeting
non-treatable type of cystic fibrosis (CF) that affects 10% of
CF patients
    ** Co says no change was seen in measure of lung health
    ** "I've been caught in the trap of "reduced mean sweat
chloride" before. That doesn't help me breathe any better,
though," tweets @G17Esiason https://bit.ly/3kFLPAr, cystic
fibrosis patient advocate
    ** Treatment was generally well tolerated and no
treatment-related serious adverse events were reported - co
    ** "From the outset, ELX-02's advancement to clinical stage
might not have been based on solid scientific foundation and
this does not bode well for later stage success," brokerage H.
C. Wainwright said in a Nov. 11 note
    ** Brokerage believes ELOX over-relies on sweat chloride
data
    ** About 6.5x of stock's 25-DMA shares traded; co climbing
ranks of most actively traded stocks across exchanges before
opening bell
    ** Stock has fallen 70% this year

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com; Twitter: https://twitter.com/ruhithere;))