Ventyx falls as brokerages cut PT on underwhelming trial results

Ventyx Biosciences

10/10/2023 15:59

** Shares of drug developer Ventyx Biosciences  VTYX.O  fall
~25.3% to $22.42 
    ** Brokerage Evercore cuts PT to $47 from $65 and
Oppenheimer cuts PT to $56 from $57
        ** Evercore says co's mid-stage trial evaluating VTX002
for ulcerative colitis (UC) showed a similar efficacy/safety
profile to Pfizer's  PFE.N  etrasimod
    ** Oppenheimer says VTYX management had previously targeted
a 15%-25% clinical remission rate for the study, and the result
rate of 17% is on the lower end
    ** UC is a chronic inflammatory bowel disease in which
abnormal reactions of the immune system cause inflammation and
ulcers on the inner lining of the large intestine
    ** All 10 brokerages covering the stock rate it "buy" or
higher; their median PT is $53 - LSEG data
    ** Including session moves, stock down ~30% YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))