Rubius Therapeutics: Hits record low after co deprioritizes blood disorder drug

Rubius Therapeutics

12/03/2020 17:25

** Shares of Rubius Therapeutics Inc  RUBY.O  dive 40% to
touch a record low of $3.6
    ** Drug developer's stock is among top pct losers across all
U.S. exchanges; set for worst day since its trading debut in
July 2018
    ** Co says it will pivot from developing a treatment for
phenylketonuria - a type of blood disorder - amid unanticipated
delays in the program due to continued manufacturing issues and
high costs  urn:newsml:reuters.com:*:nGNX9rKSzg
    ** Phenylketonuria is an inherited disorder, which increases
levels of a substance called phenylalanine in the blood that
lead to seizures and psychiatric disorders
    ** RUBY said it will now focus on developing its oncology
and autoimmunity pipeline
    ** Jefferies says the move isn't a surprise, but still
disappointing and investors are still in search of "proof of
concept" for the platform
    ** Brokerage slashes stock's PT to $9 from $25; median PT is
$21
    ** Separately, co also posts a lower-than-expected quarterly
loss of 56 cents - Refinitiv IBES
    ** Majority consensus on the stock is "buy"
    ** RUBY down 31% YTD, as of last close

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))