Here's Why Matinas BioPharma Shares Lost as Much as 16.9% Today
Shares of Matinas BioPharma (NYSEMKT: MTNB) lost nearly 17% today after Amarin (NASDAQ: AMRN) reported preliminary full-year 2019 operating results and provided a business update. Both companies are developing drugs based on omega-3 fatty acids to treat cardiovascular disorders, although there are important differences in the specific fatty acid composition of each company's drug candidates.
And, of course, Matinas BioPharma has a market cap of less than $300 million, while Amarin's market valuation is $7.3 billion. When Amarin's business is rolling, investors tend to interpret that as bad news for all the little fish nipping at its heels.
As of 3:31 p.m. EST on Tuesday, the small-cap pharma stock had settled to a 12.2% loss.
Source Fool.com
