Why Affimed Stock Plummeted by Over 16% Today
European biotech Affimed Therapeutics (NASDAQ: AFMD) was looking a bit sickly on our stock exchange Monday. The company's U.S.-traded shares suffered a more than 16% decline, on the back of a rather dispiriting new take from an analyst.
The prognosticator in question is Stifel's (NYSE: SF) Bradley Canino. Before market open on Monday, Canino published a new research note, in which he downgraded his recommendation on Affimed stock to hold from buy. He also made a significant chop to his price target on the biotech; he now feels it is worth a mere $2 per share, well down from the previous $9.
The analyst is concerned about the company's recent updates about its pipeline, which centers on a form of cancer-attacking technology, innate cell engagers. As their name implies, the engagers connect cancer-killing cells to tumor cells to help reduce them. '
Source Fool.com
