InflaRx: Slides after flaky results; pulls down ChemoCentryx

Inflarx NV

05/06/2019 13:45

** Shares of drug developer  IFRX.O  slump 80% to $7.12
premarket following disappointing results from mid-stage trial
testing its skin treatment
    ** IFRX's treatment, IFX-1, fails in a study on patients
with moderate to severe Hidradenitis Suppurativa, a painful
chronic inflammatory skin disease  urn:newsml:reuters.com:*:nGNX9Wjg5
    ** Shares in ChemoCentryx Inc  CCXI.O , which is developing
a similar treatment, sink ~28% to $8 
    ** Brokerage Guggenheim downgrades IFRX to "neutral" from
"buy", cuts PT to $6 from $65; median PT is $61 
    ** IFX-1 data "looks rather dull" and results were "very
disappointing" - SVB Leerink 
    ** Given lack of details, investors likely to "shoot first,
ask questions later" - Leerink 
    ** Up to Tuesday's close, IFRX up ~3% this year, CCXI up ~2%

 (Reporting by Aakash Jagadeesh Babu in Bengaluru)
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