Ventyx Biosciences slumps as bowel disease drug fails in mid-stage study
** Shares of Ventyx Biosciences VTYX.O fall ~26% to $2.19
** Co says its experimental Crohn's disease drug failed to meet the main goal in a mid-stage study
** Crohn's disease is a type of inflammatory bowel disease, which causes swelling of tissues in the digestive tract
** The drug, VTX958, failed to reduce disease severity after 12 weeks of treatment, compared to placebo
** The trial results were "unsurprising" given the drug's prior failure in psoriasis study, Stifel analyst Alex Thompson wrote in a note
** VTYX says it does not plan to conduct additional clinical trials of VTX958 with internal resources
** As of June 30, VTYX had cash, cash equivalents and marketable securities of $279.7 mln
** Including session moves, stock down ~12% YTD
Reporting by Mariam Sunny in Bengaluru
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