Aslan Pharmaceuticals Ltd (NASDAQ: ASLN) stock fell 31.7% despite announcing positive topline data from its Phase 1 study of ASLAN004 to treat moderate-to-severe atopic dermatitis.
The results showed that ASLAN004 was well-tolerated across all doses, making it a potential first-in-class monoclonal antibody targeting the IL-13 receptor.
The study results established proof-of-concept for ASLAN004 as a potential differentiated novel treatment for AD.
The company had announced interim data from three dose-escalation groups in March 2021, then enrolled an additional 27 patients as part of a larger group that received the highest dose of 600mg.
Today’s results were derived from comparing all the patients given the 600mg highest dose to the patients who took a placebo.
The study was conducted across ten sites with all patients enrolled in the trial’s intent to treat the population receiving their dosage, except for one patient who had to leave the study prematurely due to COVID-19 lockdown measures.
ASLAN004 achieved a statistically significant improvement compared to the placebo in the primary efficacy endpoint of per cent change starting from the baseline in the Eczema Area Severity Index.
The drug candidate also demonstrated significant improvements in other critical efficacy criteria such as the Patient-Oriented Eczema Measure, EASI-50, EASI-75, and peak pruritus.
The biopharma company’s stock fell despite the positive topline data in a classic “buy the rumour, sell the news” scenario.
However, analysts at Piper Sandler believe the stock is an excellent buy despite today’s decline and reiterated an overweight rating on the stock with an $8 price target.
*This is not investment advice.
Aslan Pharmaceuticals stock price.
Aslan Pharma stock price fell 31.69% to trade at $2.22, falling from Friday’s closing price of $3.25.
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