Kinnate hits record low on delaying early-stage data for cancer therapy

Kinnate Biopharma

12/10/2022 19:09

** Shares of Kinnate Biopharma Inc  KNTE.O  fall as much as
48% to a record low of $5.75 
    ** Stock top pct loser on Nasdaq Biotechnology Index  .NBI  
    ** Late on Tuesday, biopharma says its cancer monotherapy
candidate KIN-2787 showed "encouraging initial clinical
responses" thus far in early-stage study  urn:newsml:reuters.com:*:nGNX5Tx2vG
    ** Says slower-than-expected clinical site activation led to
a delay of early-stage data release to H1 2023 from Q4 2022 
    ** KNTE is testing its therapy KIN-2787 in patients with
inoperable or metastatic solid tumours with a mutation known as
BRAF V600
    ** William Blair says the delay is "disappointing" but sees
disclosure that KNTE continues to escalate dosage in trial
without any toxicities as positive 
    ** Jefferies notes KNTE is now seeing enrollment momentum,
with 24 sites currently enrolled and believes KNTE is "well
capitalized" with current cash on hand of $262 mln into mid 2024
    ** Jefferies continues to believe data update in H1 2023
from KIN-2787 will provide "significant upside" to stock 
    ** Including session's move, KNTE down ~61% vs 19% decline
in NBI YTD 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))