ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC)
Shares of ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) were down by 16.69% in Wednesday’s after hours trading after the company announced plans to continue focusing on its Stem-to-T-Cell program. The selloff also comes after the company announced the suspension of the Phase 3 registration trial of ICT-107 due to a cost-saving drive.
ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) is currently trading near its all-time lows. The stock had been on an impressive run having soared to highs of $2.70 a share last month before coming under immense selling pressure. The current downward pressure threatens to push the stock to its 52-week lows of $0.25 as the stock continues to trade on the lower end of a $0.35 to $0.43 trading range.
The clinical stage biotechnology company specializes in the development of immune based therapies for the treatment of cancers. Its therapies are designed to target cancer stem cells which are common drivers of tumor growth and disease recurrence.
Stem-to-T-Cell Platform Development
The company is currently developing the Stem-to-T-Cell platform that is designed to provide a novel way for harnessing the immune system for the manufacture of cancer-destroying T-cells. ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) believes the platform has the potential to address many types of cancers as well as hematological tumors. ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) expects the transfected stem cells to ultimately go a long way in producing killer T-cells.
“The board and management of ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) remain committed to pursuing a viable strategic path forward for the Company, with the goal of realizing the value of our immuno-oncology technology platform and assets,” said CEO, Anthony J. Gringeri.
Cost Saving Drive
In addition to developing the Stem-to-T-Cell program, ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) has reiterated plans to continue reducing costs of operations. The company has already streamlined its operations as it seeks to operate efficiently and cost effectively.
The board of directors has already decided to reduce its membership as part of the cost saving drive. The reduction is not expected to affect the company’s stewardship and ability to meet its fiduciary responsibilities. The company also plans to reduce its operating expenses through personnel and facility reductions.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.