QURE - Why Shares of uniQure Are Up Thursday
2023-10-05 13:49:37 ET
Shares of uniQure (NASDAQ: QURE) were up more than 8% as of 1 p.m. after rising as much as 14% earlier in the day. So far this year, the biotech stock is down more than 70%.
The gene-editing therapy company said it plans to cut back staff and programs to focus on more promising therapies in its pipeline. The biggest move is that uniQure said it is cutting back 28% of its workforce that is not connected to its manufacturing obligations regarding Hemgenix, a one-time gene therapy for the treatment of adults with hemophilia B that the company manufactures for CSL Behring .
That will mean a cost savings of $180 million, pushing out the company's cash runway into the second quarter of 2027. In the short term, though, the restructuring will mean $2.3 million in costs that will be reflective in the fourth quarter.
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Why Shares of uniQure Are Up Thursday