Earlier today, Argenx (ARGX) reported that their ADDRESS trial evaluating efgartigimod-SC in pemphigus vulgaris (PV) did not meet the primary endpoint of complete remission on a minimal dose of steroids (CRmin).
The company announced it will not pursue additional development in pemphigus and plans to prioritize clinical development of efgartigimod.
Commenting on the news, analysts at Truist see Tourmaline Bio (TRML) as 'a big winner from this morning’s news.'
They elaborate: "Their TOUR006 is a potentially best-in-class IL-6 inhibitor, which has been shown to address a key component of inflammation (that IgG lowering does note address) that we believe will be effective in addressing many auto-immune diseases."
Additionally, they defended Immunovant (NASDAQ:IMVT), noting they continue "to see IMVT as undervalued given its best-in-class FcRn."
Shares of ARGX are trading over 23% lower following the announcements, IMVT is down over 16%. TRML is up around 3% in early Wednesday trading.