Why Gritstone Bio (GRTS) Stock Is Down 64% Today
Portfolio Pulse from Henry Khederian
Gritstone Bio (NASDAQ:GRTS) shares plummeted by 64.2% after the company announced a voluntary Chapter 11 restructuring. The company aims to preserve value and explore strategic alternatives while continuing its operations, including developing next-generation vaccines and immunotherapies.
October 10, 2024 | 3:02 pm
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Gritstone Bio's stock fell 64.2% following its Chapter 11 restructuring announcement. The company is seeking strategic alternatives while continuing its vaccine and immunotherapy development.
The announcement of a Chapter 11 restructuring is a significant negative event for Gritstone Bio, leading to a sharp decline in stock price. The company's efforts to find strategic alternatives and continue operations may mitigate some concerns, but the immediate impact is negative.
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