Shares of Ventyx Biosciences (NASDAQ: VTYX) were down more than 26% as of noon on Tuesday after investors were unimpressed by the healthcare company's phase 2 trial results for ulcerative colitis (UC) therapy VTX002. The stock is down more than 31% so far this year.

Ventyx is a clinical-stage biotech company that focuses on oral medicines to treat autoimmune and inflammatory disorders. The company's lead therapy candidate is VTX002. On Monday, Ventyx reported week 13 phase 2 trial details for VTX002 for patients with moderate-to-severe ulcerative colitis.

The company said that 28% of patients on the 60-milligram dose and 24% of patients on the 30-milligram dose achieved the primary endpoint of clinical remission at Week 13, compared to 11% of patients using a placebo. The company also said the drug showed a strong safety profile.

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Source Fool.com