Instil Bio Shares Drop 35% After FDA IND Clearance and Truist Price Target Cut

By Josh Beckerman

Instil Bio Inc. shares were down 35% to $5.16 Friday afternoon.

Earlier Friday, the biopharmaceutical said that it received investigational new drug clearance from the U.S. Food and Drug Administration for ITIL-306, Instil's first genetically-engineered Costimulatory Antigen Receptor TIL therapy.

The company also said it will present findings from studies of anti-FOLR1 CoStAR T cells on June 5.

Truist lowered its price target on the shares to $25 from $32. Analyst Asthika Goonewardene said Truist updated its model following the company's May 16 earnings report.

Truist lowered its "peak 3L melanoma share" for the company to 20% from 30%.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

05-27-22 1313ET