Roivant Sciences Ltd. shares ROIV fell 3% premarket on Monday after the company said the experimental treatment brepocitinib failed to meet its main goal in a trial involving patients with moderate to severe lupus. Due to the high placebo response rate seen in the trial, “it was not possible to truly assess the impact of the drug, or to establish sufficient differentiation from other therapies in lupus patients,” Roivant CEO Matt Gline said in a statement. Roivant will not pursue further development of brepocitinib in systemic lupus erythematosus, the most common type of lupus, Gline sad, but is still enthusiastic about the treatment’s potential in an eye condition called non-infectious uveitis and dermatomyositis, an inflammatory disease that causes muscle weakness and skin rash. Roivant shares have gained 14.3% in the year to date, while the S&P 500 SPX is up 18.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
