Why Kintara Therapeutics Stock Is Down 70% Tuesday
Portfolio Pulse from Henry Khederian
Kintara Therapeutics Inc's stock has dropped by 69.2% after the company announced that their drug VAL-083 did not outperform existing treatments for glioblastoma. As a result, the company is discontinuing the development of VAL-083 and shifting focus to REM-001, a localized tumor treatment. Kintara will also explore strategic options to maximize shareholder value. Further data on VAL-083 is expected in 2024, while a study for REM-001 in cutaneous metastatic breast cancer is planned for the end of 2023.
October 31, 2023 | 1:21 pm
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Kintara Therapeutics' stock has dropped significantly due to the failure of their drug VAL-083. The company's shift in focus to REM-001 and strategic options could potentially stabilize the stock in the future.
The failure of a key drug in development often leads to a significant drop in a biotech company's stock price, as seen with Kintara Therapeutics. The company's future plans, including the development of REM-001 and strategic options, could potentially influence the stock's performance in the future.
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