Kinnate Biopharma shares are trading lower after the company announced pipeline updates, a reprioritization plan and corporate restructuring that will reduce the workforce by 70%. Also, multiple firms downgraded their ratings and respective price targets.
Portfolio Pulse from Benzinga Newsdesk
Kinnate Biopharma announced pipeline updates, a reprioritization plan, and corporate restructuring that will reduce the workforce by 70%. Following this announcement, multiple firms downgraded their ratings and respective price targets for the company.
September 19, 2023 | 2:48 pm
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Kinnate Biopharma's announcement of workforce reduction and pipeline updates led to multiple firms downgrading their ratings and price targets for the company.
The announcement of a significant workforce reduction and pipeline updates indicates potential instability within the company. This, coupled with the downgrading of ratings and price targets by multiple firms, suggests a negative short-term impact on the company's stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100