NGM Biopharmaceuticals hits record low as eye disease drug fails in study

NGM Biopharmaceuticals

17/10/2022 18:39

(Updates to add milestone, analyst comments)
    ** Shares of drug developer NGM Biopharmaceuticals  NGM.O 
decline ~75% to a record low of $2.92  
    ** NGM says its mid-stage trial testing its drug NGM621 in
patients with geographic atrophy failed to meet main goal
 urn:newsml:reuters.com:*:nGNX6mzkVh
    ** Co says in study, NGM621 did not show a statistically
significant reduction in the rate of change in disease area over
52 weeks
    ** Adds that there were no drug-related serious adverse
events in study 
    ** Geographic atrophy is a disease of the retina for which
there is currently no treatment
    ** B. Riley Securities slashes price target on NGM's stock
to $8 from $29, to reflect removal of GA-related revenue
        ** Jefferies cuts rating to "hold" from "buy" on
"disappointing" GA data, believes path forward is "murkier" and
will see shift to early-stage oncology products
  
    ** As of last close, NGM down 35% YTD 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))