Oxford BioMedica slides as Novartis, Bristol-Myers Squibb pause CAR-T autoimmune trials
BUZZ-Oxford BioMedica slides as Novartis, Bristol-Myers Squibb pause CAR-T autoimmune trials ** Shares in London-listed Oxford BioMedica OXB.L fall sharply after Novartis NOVN.S, Bristol-Myers Squibb BMY.N pause clinical trials of CAR-T treatment for autoimmune disorders
** Oxford BioMedica has relationships with both companies, notes RBC analyst Charles Weston, although he does not expect the trial pauses to have direct financial relevance
**"The company's near-term revenue drivers are largely in oncology CAR-T," says Weston
**Shares in Oxford BioMedica are down 14%, "highlighting that the risk is more to sentiment than to fundamentals, arriving at an unhelpful time, with shares already under pressure following the revenue guidance cut," Weston adds
** Oxford BioMedica fell by over 14% on August 7 after lowering annual forecast, citing operational delays at a U.S. site and deferred client orders
** Shares are down 28% year-to-date, compared to 9% gain for the FTSE 250 .FTMC
(Reporting by Samuel Indyk, editing by Alun John)