Kiniksa Pharmaceuticals, Ltd. (NASDAQ:KNSA) made an announcement, according to which its Ph 3 portion of the Ph 2/3 trial of mavrilimumab in COVID-19-Related acute respiratory syndrome (ARDS) has failed to meet the primary endpoint of the study related to the proportion of patients alive and free of mechanical ventilation.

While dropping ARDS from their model, analysts at Wedbush still believe the company is undervalued, mentioning the early reports pointing to a rapid acceleration of ARCALYST sales, which remains the value driver for Kiniksa Pharmaceuticals.