CRBU - Why Caribou Biosciences Stock Is Crashing Today
2024-03-12 12:37:04 ET
Shares of Caribou Biosciences (NASDAQ: CRBU) were crashing 19.7% lower as of 11:13 a.m. ET on Tuesday. The big sell-off came after the biotech provided its fourth-quarter update on Monday.
Caribou reported fourth-quarter licensing revenue of $3.6 million and a net loss of $34.5 million. However, the big story with the clinical-stage biotech's quarterly update was the pause in developing allogeneic cell therapy CB-020.
It's not surprising that Caribou's shares fell on the news about pausing the development of CB-020. But just how worrisome is this for investors?
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Why Caribou Biosciences Stock Is Crashing Today