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Why AnaptysBio Plummeted Today

TheMotleyFool

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Tech investors who are glum about the recent performances of their holdings have nothing on AnaptysBio (NASDAQ: ANAB). The clinical-stage biotech's shares fell off a cliff on Monday, dropping nearly 34% on very discouraging news about a clinical study.

AnaptysBio announced that its leading pipeline drug, imsidolimab, had failed to meet its primary endpoint in a phase 2 trial for the treatment of moderate to severe palmoplantar pustulosis (PPP). This is a rare autoimmune disease in which individuals experience blisters on the palms of their hands or the soles of their feet. No cure currently exists; it can only be treated.

Image source: Getty Images.

Source Fool.com

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