Why did Seres drop on news of fecal transplant death?
On Thursday afternoon, the Food and Drug Administration announced someone had died after receiving a fecal microbiome transplant. Less than an hour later, the stock price of microbiome therapeutics pioneer Seres Therapeutics’ had dropped by about a third, from around $3 to just over $2.
Cause and effect? Unlikely. None of the other microbiome companies saw their stock drop, suggesting Seres investors had a different reason to sell. Seres also announced a price for a new stock offering on Thursday: $2.25 per share.
Due to the pending offering, the company was unable to speak with STAT. But it would have been odd for the safety warning to affect Seres directly, in any case. The company isn’t working on fecal transplants in the traditional sense; instead, its drugs are made with bacteria derived from screened donors.
Cause and effect? Unlikely. None of the other microbiome companies saw their stock drop, suggesting Seres investors had a different reason to sell. Seres also announced a price for a new stock offering on Thursday: $2.25 per share.
Due to the pending offering, the company was unable to speak with STAT. But it would have been odd for the safety warning to affect Seres directly, in any case. The company isn’t working on fecal transplants in the traditional sense; instead, its drugs are made with bacteria derived from screened donors.
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