Connect Biopharma Plunges 32% to 52-Week Low as Asthma Drug Misses Primary Endpoint
CNTB is trading near its 52-week low of $1.1 (0.9% above the low) on elevated volume (10× avg).
Summary
Shares of Connect Biopharma fell 32.46% to $1.16, hitting a new 52-week low, after the company released topline Phase 2 data for rademikibart in acute asthma exacerbations. The drug reduced treatment failure by 66% versus placebo, but the primary endpoint missed statistical significance because the overall failure rate was lower than projected. The trial did meet a key secondary endpoint—a statistically significant improvement in lung function—and the company plans to use that metric as the primary endpoint in Phase 3. Safety was favorable with no new signals. The stock's sharp decline reflects investor disappointment that the primary endpoint was not met, despite the positive secondary data. The company expects to report topline data from its ongoing Phase 2 COPD study later this month and plans to meet with the FDA to align on a Phase 3 program.
At the time of this announcement, CNTB was trading at $1.11 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $69.9M. The 52-week trading range was $1.10 to $3.82. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.