Why Kiniksa Pharmaceuticals Stock Is Falling Today

Kiniksa Pharmaceuticals Ltd KNSA is trading lower Tuesday morning after the company announced the Phase 3 trial of mavrilimumab in COVID-19-related ARDS did not meet the primary efficacy endpoint.

Mavrilimumab is an investigational fully human monoclonal antibody that targets granulocyte macrophage colony stimulating factor receptor alpha.

The trial was designed to evaluate mavrilimumab for the treatment of hospitalized, non-mechanically-ventilated adult patients with hypoxia and severe COVID-19 pneumonia/hyperinflammation.

"The Phase 3 study of mavrilimumab in COVID-19-related ARDS did not provide the expected outcome, however we are proud of our efforts to help patients in need during this unprecedented time," said Sanj Patel, chairman and CEO of Kiniksa Pharmaceuticals.

"We continue to believe in the potential broad utility of mavrilimumab and are evaluating next steps for the molecule," Patel added.

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Kiniksa Pharmaceuticals is a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing therapeutic medicines for patients suffering from debilitating diseases.

KNSA Price Action: Kiniksa Pharmaceuticals has traded as high as $24.70 and as low as $10.30 over a 52-week period.

The stock was down 15.50% at $10.55 at time of publication.