The market has been treating many companies nice these last few months, but some days the bulls turn away. Today two companies in the health care sector took a nice size hit; both after some rather positive news. Let’s take a look at whats moving these two stocks today:
Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP)
Like most clinical-stage biotech stocks, volatility is the name of the game. This is the case for Corbus Pharmaceuticals, as shares were down as much as 18.6% today, after just having a 44% day yesterday. Corbus recently upped their one-candidate pipeline to a two-candidate pipeline through their licensing deal with Jenrin Discovery LLC and their CRB-4001 drug. As of now, their Ienabasum candidate is in phase 3 of clinical studys and CRB-4001 is planned to go into phase 1 in 2019.
CRISPR Therapeutics (NASDAQ:CRSP)
CRISPR Therapeutics is a company currently partnered with Vertex Pharmaceuticals in clinical trials for a CRISPR gene editing therapeutic. This is the first ever US-based trial of its kind in the CRISPR gene editing technology market. Today shares of the company fell to lows of 11% as investors reacted negatively to the news of a share offering. Although to some of the company’s investors this didn’t sit well, but in the long-run this could turn out to be a smart move for CRISPR Therapeutics. Clinical studies and trials are capital intensive so the share offering is justified as capital is needed. Additionally, there are other companies in the space looking to get into treating the same disorders such as Editas Medicine.
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