Why Kiniksa Pharma Stock Falling In Pre-market?

(RTTNews) - Kiniksa Pharmaceuticals, Ltd. (KNSA) said the phase 3 portion of the phase 2/3 trial of mavrilimumab in COVID-19-related acute respiratory syndrome did not meet the primary efficacy endpoint. The study failed to meet the endpoint of proportion of patients alive and free of mechanical ventilation at day 29. The company said it continues to believe in the potential broad utility of mavrilimumab and is evaluating next steps for the molecule.

"Our current strategy focuses our resources on the ARCALYST franchise, including the commercial execution in recurrent pericarditis, as well as the development of vixarelimab and our anti-CD40 program, KPL-404," said Sanj Patel, CEO of Kiniksa.

Shares of Kiniksa Pharmaceuticals were down 15% in pre-market trade on Tuesday.