Why Alaunos Therapeutics Stock Sank Today
Shares of Alaunos Therapeutics (NASDAQ: TCRT) sank 4.6% as of the market close on Monday after falling as much as 12.5% earlier in the day. The decline appears to be the result of profit-taking after Alaunos reported positive early results last week from a phase 1/2 study evaluating its T-cell receptor (TCR-T) therapies in treating several types of cancer.
Alaunos also filed a prospectus last week to sell up to $50 million worth of its stock over time. These stock offerings will dilute the value of existing shares.
Today's downward move for the biotech stock is probably more noise than anything else. Nothing has changed about the underlying prospects for Alaunos' TCR-T pipeline. And those prospects are promising, although a lot of uncertainty remains.
Source Fool.com
