Kezar Life Sciences Down 25% After 2Q Results, Drug Updates

By Josh Beckerman

Shares of biotechnology company Kezar Life Sciences were down 25%, to $1.53, Friday after its second-quarter earnings report and updates on drug development.
Wells Fargo downgraded Kezar to equal-weight from overweight, while HC Wainwright kept its buy rating and lowered its price target to $18 from $19.

Kezar said Thursday a Phase 2b clinical trial evaluating zetomipzomib in lupus nephritis and a Phase 2a clinical trial evaluating zetomipzomib in autoimmune hepatitis are both open for enrollment. It said protein secretion inhibitor KZR-261 continues to demonstrate a favorable safety and tolerability profile as the company proceeds with a dose-escalation study.
Cash, cash equivalents and marketable securities totaled $236.6 million at June 30. Net loss per share widened to 34 cents from 25 cents.
Write to Josh Beckerman at [email protected]