"Encouraged," apparently, is not a word investors relish when it comes to trial results – even early phase I data – as Avrobio Inc. learned after disclosing findings on the first participants in an investigator-sponsored phase I study and company-sponsored phase II of ex vivo lentiviral (LV) gene therapy AVR-RD-01 in Fabry disease. The Cambridge, Mass.-based company, which priced its June IPO at $19 to raise $114.7 million, including overallotments, and hit a high of $53.70 last week, saw shares (NASDAQ:AVRO) give back more than half their value Monday, falling to $21.58 before closing at $25.13 for a loss of $26.74, or 51.6 percent.