Codiak down after Goldman Sachs downgrades rating

Codiak BioSciences,.

01/09/2022 19:04

** Drug developer Codiak BioSciences Inc's shares  CDAK.O 
fall 19.3% to record low of $1.70
    ** Goldman Sachs downgrades rating to 'neutral' from 'buy'
over company's restructuring plans
    ** CDAK plans to cut 37% of its workforce and pause
development of two cancer drug candidates which were ready for
mid-stage study 
    ** Instead, co plans to prioritize the coronavirus vaccine
development program and focus on ongoing early-stage trial of
liver cancer treatment candidate, exoASO-STAT6
    ** Brokerage says it is "moving to the sidelines" as it
awaits evidence of exoASO-STAT6's clinical utility from the
ongoing early-stage trial
    ** Including sessions losses, stock lost ~85%

 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))