Shares of AlloVir Inc.
ALVR,
plummeted 66.6% toward their first-ever close below $1 on heavy volume in afternoon trading Friday, after the immunotherapy company decided to discontinue the Phase 3 trials on posoleucel, a T cell therapy targeting a number of pathogens in immunocompromised people, citing “futility.” The stock, which was the biggest decliner among those listed on major U.S. exchanges, is headed for its biggest decline since going public in July 2020. Trading volume ballooned to 23.1 million shares, compared with the full-day average of about 920,000. “The company made the determination following three pre-planned analyses by three independent Data Safety Monitoring Boards (DSMBs) each of which recommended stopping its respective trial for futility after a review of the data suggested that each study was unlikely to meet its primary endpoint,” the company said in a statement. Chief Executive Diana Brainard said that given the results, “we will immediately shift our focus to preserve our substantial remaining capital, review our pipeline and assess strategic options.”
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