Sept 12 (Reuters) - Shares of drug developer Acelyrin (SLRN.O) on Tuesday erased all gains made since their stellar market debut in May, as the company's experimental lead drug failed to show superiority to placebo in reducing symptoms of an inflammatory skin disease.
HS is a chronic inflammatory skin condition that causes painful lumps under the skin.
Acelyrin said the trial was hit by early discontinuations as well as better placebo efficacy rates.
However, Jefferies analyst Akash Tewari slashed the price target on Acelyrin's stock to $15 from $31, calling the latest data "painfully disappointing."
"It's difficult to glean much from the data given how poorly the trial was run.
Persons:
Acelyrin, Acelyrin's izokibep, Hidradenitis, Piper Sandler, Jefferies, Akash Tewari, We'll, Christy Santhosh, Saumyadeb Chakrabarty
Organizations:
Ventyx Biosciences, Apogee Therapeutics, Thomson
Locations:
Acelyrin, Bengaluru