In June 2019, Homology launched a dose-escalation Phase 1/2 clinical trial for HMI-102, its lead product candidate for the treatment of phenylketonuria. The Company “reported encouraging safety and efficacy data from the dose-escalation portion of the trial” and claimed that the data showed HMI-102 “produced a sustained reduction in phenylalanine (Phe).”
Then, on July 21, 2020, Mariner Research published a report, alleging that Homology’s comments “conveniently ignor[ed] the implications to efficacy and the business.” Citing data from a mouse study, the Phase 1/2 trial, and a key patient’s Facebook posts, the report concluded that HMI-102 “therapy is showing zero efficacy even for a high dose patient,” signifying that “the HMI-102 program is dead in the water.” Moreover, citing internal emails and analyst reports, Mariner Research claimed Homology had selectively discussed the patient’s Facebook posts with sell side analysts covering the Company and major investors.
On this news, Homology’s stock price fell $1.71 per share, or more than 10%, over three consecutive trading sessions to close at $14.77 per share on July 24, 2020, thereby injuring investors.
Homology Medicines, Inc.
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