Vir Biotechnology’s stock slides 40% after it says mid-stage trial of a flu treatment failed to meet main goals

Vir Biotechnology Inc.
VIR,
-44.90%
said Thursday a mid-stage trial of a treatment for symptomatic flu failed to meet its main goals, sending the stock down 40% premarket. The Phase 2 trial dubbed Peninsula was evaluating VIR-2482 for the prevention of symptomatic influenza A illness and did not meet its primary or secondary endpoint, the company said in a statement. “In participants who received the highest dose of VIR-2482 (1,200 mg), a non-statistically significant reduction of approximately 16% in influenza A protocol-defined illness was observed,” said the statement. Participants who received the highest dose showed a roughly 57% reduction in symptomatic influenza A illness. The trial involved about 3,000 men and women aged 18 to 64. “Although, these topline data are disappointing, further analysis is necessary to better understand these outcomes, which we plan to present at a major medical congress,” said Phil Pang, M.D., Ph.D., Vir’s Executive Vice President, Chief Medical Officer and Interim Head of Research. The stock has fallen 9% in the year to date, while the S&P 500
SPX,
-0.68%
has gained 19%.