AFMD - Why Has Affimed Stock Dropped by More Than 16% Today?
Affimed Therapeutics stock ( NASDAQ:AFMD ) appeared ailing in the stock market on Monday. The company’s U.S.-traded shares fell more than 16% as a result of a pretty depressing fresh analyst assessment.
So, what’s the deal with Affimed Stock?
Bradley Canino of Stifel (SF) is the forecaster in question. Canino issued a fresh research note before the market opened on Monday, downgrading his rating on Affimed stock ( NASDAQ:AFMD ) to hold from buy. He also reduced his price estimate for the biotech, believing it is now worth just $2 per share, down from $9 before.
The analyst is worried about the company’s latest pipeline updates, which rely on innate cell engagers, a kind of cancer-attacking technology. The engagers, as the name indicates, join cancer-killing cells with tumor cells to help diminish them.
Although early-stage clinical studies produced findings that many deemed encouraging, Canino sounds a note of caution – especially in the present financial context, when investors and businesses are wary of investing in more risky endeavors.
In response to Affimed’s latest updates, Canino said, “We no longer anticipate AFMD’s three near-term data releases to be cumulatively favorable for the company, as we expect upcoming development stages to lack clarity and velocity as expected amid capital-constrained market circumstances.”
So, what now?
The Stifel forecaster brings out an essential fact that is relevant not just to Af...
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