Briacell Therapeutics Corp's stock fell 55.27% after crossing below the 5-day SMA, reflecting a negative market reaction to its recent public offering announcement.
The company announced a public offering of 5.37 million units priced at $5.59 each, aiming to raise approximately $30 million for its cancer immunotherapy development. Despite positive clinical trial results showing a 100% resolution of lung metastasis in a breast cancer patient, the stock plummeted to $5.05, marking a new 52-week low, indicating market concerns about the company's future prospects.
This significant drop in stock price highlights the volatility in the biotech sector, where investor sentiment can shift rapidly based on funding announcements and clinical trial outcomes.
BriaCell Therapeutics Corp. is a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care. Bria-IMT, its Phase 3 lead candidate, is a patented, off-the-shelf, cell-based, targeted immunotherapy that activates the patient’s immune system to specifically kill cancer cells without harming other cells. The Company is advancing its Bria-IMT targeted immunotherapy in combination with an immune check point inhibitor (Retifanlimab) in a pivotal Phase 3 study in metastatic breast cancer. It is also developing personalized off-the-shelf immunotherapies, Bria-OTS and Bria-OTS+, which provides a platform technology to develop personalized off-the-shelf immunotherapies for numerous types of cancer, and a soluble CD80 protein therapeutic which act both as a stimulator of the immune system, as well as an immune checkpoint inhibitor. Its pipeline also includes Bria-IMT + CPI, Bria-BRES/BRES+, Bria-PROS+, Bria-LUNG+ and Bria-MEL+.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
