NEW YORK, December 30, 2025, 09:17 ET — Premarket
- Zenas BioPharma shares held at $39.05 in premarket trade after closing down 8.1% on Monday.
- The stock has pulled back from a late-December high as traders wait for a key Phase 3 data update the company has flagged for “around year-end.”
- Technicians are watching a near-term range with support in the high-$30s and resistance just above $41.
Zenas BioPharma, Inc. shares were flat in premarket trading on Tuesday, with the stock last indicated at $39.05 as of 9:00 a.m. ET. The biotech closed down 8.1% on Monday. 1
The pause comes at a sensitive point on the calendar for investors: the company has told investors to expect a late-2025 update from a pivotal trial, a headline that can reset valuations quickly in clinical-stage biotech.
In a Nov. 12 press release, founder and Chief Executive Officer Lonnie Moulder said the company expected to deliver “topline results” — the first read on whether a trial hit its main goal — from the Phase 3 INDIGO study of obexelimab in Immunoglobulin G4-related disease “around year-end.” 2
Monday’s decline left Zenas down about 12% from its Dec. 24 intraday high of $44.60, based on recent trading data. The stock fell to as low as $38.96 on Monday before ending at $39.05. 3
The shares traded higher briefly in the extended session, a period outside regular market hours when volumes are typically lighter and price swings can be sharper. MarketWatch showed the stock at $39.83 in late after-hours trading on Monday. 4
Zenas is developing therapies for autoimmune diseases, with obexelimab positioned as its lead program. Phase 3 trials are late-stage studies that can support regulatory filings if successful.
The company has also highlighted a cash-linked incentive around INDIGO: it has described a funding deal with Royalty Pharma that includes milestone payments tied to defined success criteria in the Phase 3 INDIGO trial and later regulatory decisions, which can raise the stakes around a single data drop. 2
Beyond INDIGO, investors have watched for updates on the company’s Phase 2 SunStone trial in systemic lupus erythematosus, where Zenas has said it expects to complete enrollment around year-end 2025 and report topline results in mid-2026. 5
On Wall Street estimates, Fintel data as of Dec. 21 showed analyst price targets ranging from $37.37 to $60.90, with an average of $48.70. That sets a wide band for a stock that has moved sharply over the past two weeks. 6
Technicians also pointed to a defined near-term trading box. Barchart listed first support around $37.78 and first resistance near $41.51. 7
For Tuesday’s session, traders will be watching whether the stock can hold above the prior day’s low and whether it can reclaim the $40 level once regular trading begins, when liquidity improves and price discovery is clearer.
The next catalysts are the same ones driving positioning into year-end: any company update on INDIGO timing, and the next quarterly report window in February, which investors often use to check cash runway and trial timelines. Zacks lists the next earnings release as expected in February. 8
