Why Zenas BioPharma’s Selloff Was Structurally Inevitable

Zenas BioPharma shares fell more than 50% in the last trading session following the release of Phase 3 results for obexelimab in patients with immunoglobulin G4-related disease (IgG4-RD).

While the trial demonstrated a meaningful reduction in flare risk, efficacy metrics fell short of market expectations, triggering a sharp repricing in the stock. However, when viewed through the Adhishthana framework, this decline appears far from surprising. The stock’s cyclical positioning had already signaled elevated risk, offering clarity on why the selloff unfolded so aggressively and what may lie ahead.

Read the full article on Benzinga for deeper insights into the Adhishthana Cycle, the stock’s recent trajectory, and expert commentary.