Oncternal Therapeutics down on halting some cancer therapy studies

Oncternal Therapeutics

04/04/2023 11:09

** Oncternal Therapeutics Inc  ONCT.O  slides 59.2% to 32 cents - biggest pct. loser across
U.S. stock exchanges premarket  
    ** Oncology therapy developer said late on Monday it will halt clinical development of
late-stage and early-stage study of its cancer therapy zilovertamab in combination with Johnson
& Johnson's  JNJ.N  drug ibrutinib due to dynamically changing therapeutic landscape
    ** The decision will extend cash runway into 2025, which will support the clinical
advancement of cancer therapy ONCT-808 and prostate cancer therapy ONCT-534 - Co 
    ** Co estimates it had cash, cash equivalents and short-term investments of $54.3 mln as of
March 31
    ** Brokerage Oppenheimer downgrades its rating to 'perform' from 'outperform', and removes
PT from a prior PT of $9
    ** The strategic re-prioritization is a surprise, as significant valuation of the co was
based on the zilovertamab pipeline - Oppenheimer 
    ** As of last close, stock was down ~21% YTD

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