RFL - Here's Why Rafael Holdings Is Plummeting Today
Shares of Rafael Holdings (NYSE: RFL) are tanking after its subsidiary Rafael Pharmaceuticals reported disastrous news for its experimental new cancer therapy. Investors caught off guard by a pair of clinical trial failures have hammered the stock 80% lower as of 10:45 a.m. EDT on Thursday.
Rafael Holdings' collection of subsidiaries isn't nearly as impressive as the name implies. The holding company's mostly a run-of-the-mill clinical-stage biopharmaceutical company with a large preclinical operation. It also owns a modest collection of commercial real estate that generated $4 million in top-line revenue during the fiscal year ended July 31.
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Here's Why Rafael Holdings Is Plummeting Today