Ventyx Biosciences slumps as bowel disease drug fails in mid-stage study

Ventyx Biosciences

29/07/2024 15:20

** Shares of Ventyx Biosciences  VTYX.O  fall ~26% to $2.19 
 
    ** Co says its experimental Crohn's disease drug failed to
meet the main goal in a mid-stage study
    ** Crohn's disease is a type of inflammatory bowel disease,
which causes swelling of tissues in the digestive tract
    ** The drug, VTX958, failed to reduce disease severity after
12 weeks of treatment, compared to placebo
    ** The trial results were "unsurprising" given the drug's
prior failure in psoriasis study, Stifel analyst Alex Thompson
wrote in a note  
    ** VTYX says it does not plan to conduct additional clinical
trials of VTX958 with internal resources
    ** As of June 30, VTYX had cash, cash equivalents and
marketable securities of $279.7 mln 
    ** Including session moves, stock down ~12% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))