Cartesian Therapeutics (RNAC) reported a “watershed moment” for its autoimmune-disease focused CAR-T treatment on Tuesday, but the biotech stock plunged in premarket trades.

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The biotech company tested its drug, Descartes-08, in patients with generalized myasthenia gravis, an autoimmune condition that causes muscle weakness and fatigue. After three months, 71% of patients who received Cartesian’s drug achieved at least a five-point improvement on a 50-point scale of symptoms. In comparison, just 25% of placebo recipients hit the same bar.

“These data mark a watershed moment for the field, representing the first-placebo controlled study of a CAR-T cell therapy in autoimmune disease,” Leerink Partners analyst Thomas Smith said in a report to clients.

But in premarket trades on today’s stock market, the biotech stock plummeted 17.8% to 20.01.

Cartesian Therapeutics stock has an improving IBD Digital Relative Strength Rating of 82. This means shares rank in the top 8% of all stocks in terms of 12-month performance. A week ago, the biotech stock had a poor RS Rating of 25.

More to follow.

Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.

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