Why Enanta Shares Are Plunging Today

Enanta Pharmaceuticals Inc's ENTA investigational COVID-19 pill, EDP-235, met its primary endpoints of safety and tolerability in its Phase 2 SPRINT trial but yielded mixed results on its effectiveness. 

A statistically significant improvement was observed with EDP-235 at 400mg at all time points in a prespecified population of patients enrolled within three days of symptom onset. 

While no difference was observed in time to the improvement of 14 targeted COVID-19 symptoms, an analysis of a subset of these symptoms showed a 2-day shorter time to improvement in patients receiving EDP-235 400mg enrolled within 3 days of symptom onset.

No effect on virologic endpoints as measured in the nose was detected due to the rapid viral decline in the placebo arm of this highly immunologically-experienced, standard-risk population.

Enanta is now looking for a partner to conduct a Phase 3 study or run another Phase II study in acute or long Covid.

The company had a net loss of $37.7 million in the first quarter of 2023, $4.1 million more than in the same period last year. 

Enanta said it had $225.1 million on hand at the end of March, excluding the April 2023 sale of 54.5% of its ongoing MAVYRET/MAVIRET royalties from AbbVie Inc ABBV for an upfront payment of $200 million.

Enanta has enough funds to support operations into 2026.

Price Action: ENTA shares are down 27.80% at $24.80 on the last check Tuesday.