CYT - Cyteir Therapeutics extends five-day losing streak to reach a new post-IPO low

Recently IPO’d pharma company Cyteir Therapeutics (CYT) continued its losing streak to the fifth day as the stock dropped ~11.9% to record a new low since its IPO.The clinical-stage oncology company expected ~$133M in gross proceeds in June after pricing the public offer of ~7.4M shares at $18.00 apiece. However, the stock closed lower on the first day of trading despite an intraday gain of ~13.8%.The cash proceeds from the IPO were earmarked for a range of operational activities, including the clinical development of the company’s lead asset, CYT-0851, which is undergoing a Phase 1/2 trial as monotherapy in solid tumors and blood cancers.Late June, Cyteir rose after RA Capital disclosed a 9.4% stake at the company with the purchase of ~3.2M of shares.

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Cyteir Therapeutics extends five-day losing streak to reach a new post-IPO low