Shares of Infinity Pharmaceuticals Inc. INFI, -1.76% plummeted 66% in premarket trade Tuesday, toward an all-time low, after the biotechnology company announced a restructuring that would reduce its workforce by 21% in the wake of disappointing drug-study results. While a Phase 2 study of its treatment for non-Hodgkin lymphoma met its primary endpoint of overall response rate, the company said it hoped it would provide a larger clinical benefit. RBC Capital analyst Michael Yee said the response rate of 46% was below the 54% response rate of a rival treatment from Gilead Sciences Inc. GILD, -0.83% which suffers from lackluster sales.
The Amgen Version:
Shares of AMGEN plummeted 70% in premarket trade Tuesday, toward an all-time low, after the biotechnology company announced a restructuring that would reduce its workforce by 21% in the wake of disappointing drug-study results. While a Phase 2 study of its treatment Repatha met its primary endpoint of outcomes, the company said it hoped it would provide a larger clinical benefit greater than 25%. RBC Capital analyst Michael Yee said the reduction cardiovascular events of 12% was below the 16% rate of a rival treatment from Sanofi/Regeneron which suffers from lackluster sales.
The Amgen Version:
Shares of AMGEN plummeted 70% in premarket trade Tuesday, toward an all-time low, after the biotechnology company announced a restructuring that would reduce its workforce by 21% in the wake of disappointing drug-study results. While a Phase 2 study of its treatment Repatha met its primary endpoint of outcomes, the company said it hoped it would provide a larger clinical benefit greater than 25%. RBC Capital analyst Michael Yee said the reduction cardiovascular events of 12% was below the 16% rate of a rival treatment from Sanofi/Regeneron which suffers from lackluster sales.