Novartis trial has positive read for Zura Bio, says Guggenheim

After Novartis (NVS) announced that both of two Phase 3 trials evaluating ianalumab in adults with active Sjogren’s disease met the primary endpoint of demonstrating statistically significant improvements in disease activity, Guggenheim said the positive updates in two distinct diseases give evidence that BAFF-signaling disruption and B cell depletion are “a valid approach” for hard-to-treat autoimmune diseases, which has a positive read-through for Zura Bio (ZURA). The firm, which has a Buy rating on Zura, believes shares remain “significantly undervalued.”