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 josh.beckerman@wsj.com
(END) Dow Jones Newswires
05-27-22 1313ET