Nkarta falls after deprioritizing development of its blood cancer therapy

Nkarta

22/03/2024 15:33

** Shares of therapy developer Nkarta Inc  NKTX.O  fall
22.1% to $10.11 
    ** Co late on Thursday reported full-year net loss of $117.5
mln vs $113.8 a year ago
        ** Co says it has deprioritized its therapy for a type
of blood cancer - NKX101 - after an early-stage study showed
meaningfully lower response rate in some patients
        ** Co to instead focus on advancing  its therapy for
autoimmune diseases   
  
    ** Brokerage Mizuho cuts PT to $25 from $31, rates stock
"buy",  after co said it has closed patient enrollment in its
early stage trial testing NKX101
    ** 10 of 10 brokerages rate the stock "buy" or higher;
median PT is $18 
    ** Including session moves, stock has risen 54% YTD 

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))