ContraFect set to hit record low after being asked to stop lead drug trial

CONTRAFECT

14/07/2022 13:17

** ContraFect Corp's shares  CFRX.O  plunge 77% premarket to
65 cents, set to hit record low if losses hold 
    ** Says independent data safety monitoring board recommends
stopping late-stage trial of lead experimental drug exebacase in
treatment of a type of drug resistant bacteria, commonly called
'superbugs"  urn:newsml:reuters.com:*:nGNX1P2g0l
    ** Brokerage SVB Securities downgrades CFRX to "market
perform" from "outperform" and cuts PT to $1 from $9 on
"disappointing" results and constrained cash reserves that could
hinder management's clinical development plans
    ** Stock was up 8.2% YTD, as of last close

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))