Genocea Biosciences hits record low on strategic review, workforce reduction plan

Hanall Biopharma

29/04/2022 12:24

** Shares of biopharma co  GNCA.O  down 31.4% to hit a
record low of $0.28 premarket 
    ** GNCA is exploring a range of strategic alternatives to
maximize shareholder value, including sale of all or part of the
company, merger or reverse merger  urn:newsml:reuters.com:*:nGNX60JhWL
    ** Co expects to incur ~$4 mln charge due to restructuring
plan, which includes 65% reduction in workforce in Q2
    ** GNCA is reviewing its clinical and research programs to
determine an appropriate course of action
    ** Stifel analyst Benjamin Burnett downgrades GNCA to "hold"
from "buy" and slashes PT to 16 cents from $4.70, saying he was
wrong to be optimistic on co's GEN-011 therapy, and is "not
confident this program, nor the business, is viable going
forward.", according to thefly.com
    ** GEN-011 is an adoptive T cell therapy targeting
neoantigens, or newly formed antigens that have not been
previously recognized by the immune system
    ** Stifel's PT is lowest among the five brokerages covering
stock, per Refinitiv data
    ** H.C. Wainwright also cuts its stock rating to "neutral"
from "buy"
    ** As of last close, stock had fallen 64.8% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))