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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