Instil Bio Shares Drop 35% After FDA IND Clearance and Truist Price Target Cut
May 27 2022 - 01:28PM
Dow Jones News
By Josh Beckerman
Instil Bio Inc. shares were down 35% to $5.16 Friday
afternoon.
Earlier Friday, the biopharmaceutical said that it received
investigational new drug clearance from the U.S. Food and Drug
Administration for ITIL-306, Instil's first genetically-engineered
Costimulatory Antigen Receptor TIL therapy.
The company also said it will present findings from studies of
anti-FOLR1 CoStAR T cells on June 5.
Truist lowered its price target on the shares to $25 from $32.
Analyst Asthika Goonewardene said Truist updated its model
following the company's May 16 earnings report.
Truist lowered its "peak 3L melanoma share" for the company to
20% from 30%.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 27, 2022 13:13 ET (17:13 GMT)
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