With initial PKU trial ‘uninterpretable,’ Rubius turns to cancer, autoimmune diseases

Rubius is throwing in the towel on its first clinical trial to treat phenylketonuria after manufacturing difficulties and a lag in patient recruitment had dogged the study from the beginning. Instead, the red blood cell therapeutics company is prioritizing oncology and autoimmune disorders over rare diseases in a strategic shift.

Rubius Therapeutics Inc. (NASDAQ:RUBY) fared far worse than its biotech peers on a day when the public markets fell sharply. The biotech’s shares sank 39%, shaving about $200 million from the company’s market cap, leaving Rubius’ valuation at less than a fifth of its 2018 post-IPO value. The stock finished the day at $3.99, off $2.56...