The stock experienced a significant drop during regular market hours on February 3, 2026, opening at $33.90 and closing at $23.29, amid heightened trading volume of approximately 48,000 shares compared to the debut day's 26,000. This movement came shortly after the company's 8:30 AM ET press release announcing a late-breaking oral presentation on preclinical data for PLX-200 in Krabbe disease at the ongoing WORLDSymposium (February 2-6). While the data supported advancing the Phase 2 SOTERIA trial—planned for launch in the first half of 2026—the market interpreted it as underwhelming, failing to provide breakthrough insights beyond prior FDA clearance in October 2025. This "sell the news" dynamic, amplified by retail chatter on social platforms labeling it a post-listing unwind, extended volatility from the February 2 Nasdaq debut, where shares closed down 22% from open after peaking at $48.91. Broader biotech sector pressures may have contributed, but the timing aligns directly with the announcement.
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