PRNB - Principia Biopharma: Flawed Mechanism Of Action Weak Phase 2 Results Point To Worthless Pipeline
This article was highlighted for PRO+ subscribers, Seeking Alpha’s service for professional investors. Find out how you can get the best content on Seeking Alpha here.
We are short shares of Principia Biopharma (NASDAQ: PRNB), a company whose $2 billion valuation rests on a single obscure molecule known as Bruton’s tyrosine kinase ((BTK)). Named after a pediatrician who discovered an immunodeficiency later found to be caused by a defective mutant form of the molecule, BTK plays an important role in conveying certain signals inside B cells, the part of the immune system charged