Bolt Biotherapeutics falls after scrapping lead drug development
15/05/2024 18:04
** Shares of cancer drug developer Bolt Biotherapeutics
BOLT.O fall 34.4% to hit an all-time low of 86 cents
** Company late on Tuesday said it will stop further
development of its lead cancer drug candidate, trastuzumab
imbotolimod, on finding that the drug will not meet its
pre-defined success criteria
** Brokerage H.C. Wainwright & Co downgrades BOLT to
"neutral" rating from "buy", citing uncertainty in company's
future drug developments at this time
** Meanwhile, BOLT appoints current CFO Willie Quinn as
chief executive
** BOLT will reduce workforce by ~50%
** Including session's moves, stock down ~21% YTD
(Reporting by Mariam Sunny in Bengaluru)
((Mariam.ESunny@thomsonreuters.com;))