Friday’s Top Losers; Immunocore, Relay Therapeutics, & Lakeland Industries
Immunocore reports positive data for its off-the-shelf ImmTAC medication
Immunocore Holdings plc (NASDAQ: IMCR) dropped 22.09% after sharing data from the Phase 1 study of its off-the-shelf ImmTAC candidate targeting PRAME. Findings show a favorable tolerability profile of IMC-F106 leading to durable responses in various solid tumor types. In addition, the company presented the initial results from the ongoing first-phase dose escalation study of IMC-106C at the European Society for Medical Oncology Conference.
The trigger for the stock decline was a revelation that most treatment-linked adverse events reported were a result of cytokine release syndrome, which is an immune response to the drug. The cytokine release syndrome responses mainly happened after the initial three doses but didn’t trigger discontinuation of treatment or death of any subject. In addition, Immunocore reported that IMC-F106Cdoses of more than 20 mcg demonstrated robust and consistent interferon gamma induction, a T cell activation marker. CEO Bahija Jallal said that based on the encouraging data, the company had commenced expansion cohorts in various tumor types to evaluate efficacy.
Lakeland Industries misses Q2 2023 earnings estimates.
Lakeland Industries Inc. (NASDAQ: LAKE) shares dropped 8.61% after the protective clothing manufacturer announced financial results for fiscal Q2 2023 ending July 31, 2022, which fell short of analysts’ estimates. The company reported adjusted earnings of $0.15 per share on revenue of $28.2 million. Net sales were up 2.6% YoY and 3.3% sequentially but were negatively impacted by foreign currency exchange translations. Adjusted net income dropped to $1.1 million from $3 million a year ago, while gross margin fell to 41.3% from 46.8% but was above the company’s long-term forecast level of 40%.
CEO Charles Roberson said that although the rate of industrial recovery worldwide has been sow than initially expected, the company is encouraged by the team’s capability to enhance profitability margins from the previous quarter. However, he added that for the rest of the fiscal year, the level and period of ongoing economic slowdown is still uncertain, and they expect impacts related to supply chain disruptions and inflation to continue pressuring the industrial environment.
Mark Murcko reduces his holdings in Relay Therapeutics
Relay Therapeutics Inc (NASDAQ: RLAY) shares dropped 7.52% on Friday after an SEC filing indicated that the company’s director Mark Murcko had sold 25,000 shares of the company’s stock for $748,000. Following the sale, Murcko, a former Vertex Pharma chief technology officer, has reduced his company holdings by 2%.
Earlier, the company had announced an abstract carrying phase 1/2 findings for RLY-4008, its bile duct cancer treatment. The findings suggested an overall response rate (ORR) of 885 for the study’s primary endpoint. Management plans to present the results orally through an abstract on Sunday, September 11, 2022, at the ongoing ESMO Congress.