Oncternal Therapeutics hits record low on halting cancer therapy studies

Oncternal Therapeutics

04/04/2023 15:29

(Updates)
    ** Shares of Oncternal Therapeutics Inc  ONCT.O  slide 58.9%
to a record low of 46 cents 
    ** Biggest one-day pct loss in over 4 years
    ** 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 
    ** Including session's loss, stock was down ~68% YTD

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