Update: With Arcturus Therapeutics down 53.8% today, ARK Genomic Revolution Multi-Sector ETF (BATS:ARKG), where the COVID-19 vaccine developer makes up the second-largest holding, is taking a hit too. The ETF has lost 9.8% in value today, its biggest single-day loss since mid-March.
The other three largest holdings are trading sharply lower too: Pacific Biosciences (NASDAQ:PACB) is down 14.9%, Invitae Corporation (NYSE:NVTA) is down 7.6%, CRISPR Therapeutics (NASDAQ:CRSP) has lost 10.5%, hurting the fund focused on genomics even further.
- After sharp losses in post-market trading yesterday, Arcturus Therapeutics (NASDAQ:ARCT) keeps falling in pre-market today in above-average volume as Wall Street downgrades the company following the update for its COVID-19 vaccine candidate yesterday.
- The analysts from Barclays, Baird, and Raymond James have all downgraded the stock, and shares are trading 39.7% lower in the premarket.
- Calling the interim data of the vaccine candidate as ‘disappointing,’ Barclays has cut the rating to equal-weight from overweight. The price target is lowered to $46 from the previous $68, reflecting 'the lower chance of success and market penetration.’
- Though ‘higher-dose animal studies showed some efficacy,’ the analyst, Gena Wang writes, adding that the ‘safety concerns limited further dose escalation.’
- Meanwhile, Piper Sandler analyst, Yasmeen Rahimi, points to ‘clean safety but underwhelming immunogenicity with disappointing neutralizing titers.’ Noting that the ‘disappointing titers were unexpected,’, the analyst continues to believe in the company’s mRNA technology, calling the ‘robust preclinical data supporting T-cell-driven efficacy’ as compelling.
- https://seekingalpha.com/news/3647704-arcturus-gets-multiple-downgrades-after-updating-covidminus-19-vaccine-trial-data
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