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                                      author：comprehensive   
                                        
                                      
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browse：37187
                                  
                                    
          
                                    
            
          
 
          Illustration fo a pink arrow pointing downward. -- biotech coverage from STAT
          Adobe
          SAN DIEGO — Ventyx Biosciences reported on Monday that it was ending development of an experimental drug for treating plaque psoriasis though it proved safe and moderately effective in a mid-stage trial. Within hours, the company’s stock tanked by more than 80%.
          That’s because the company announced that the small molecule, VTX958, had not met the biotech’s internal goals to advance to the next phase of clinical development. Ventyx said it would end work on the drug, which targets the signaling molecule TYK2, as a treatment for psoriasis and psoriatic arthritis.
          advertisement
          Shares in Ventyx plummeted from $14.09 at market close to as little as $2.72 during after-hours trading. In the process, the company’s market value dropped from $830 million to around $160 million. Ventyx is now trading below its cash balance, which was $300 million as of the end of September.
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