Announcements related to efficacy or money tend to capture the market’s attention. Neither was the focus of today’s announcement.
The market doesn’t tend to have much interest in/reward positive safety results. But it will pay attention to and severely punish any negative safety results. Thankfully, that wasan't the case today!
Although an important step, the NHP tolerability study is still not the final preclinical safety study. Between here and IND submission, there is still the hurdle of the GLP toxicity studies.
The announcement of these results was heavily flagged. It is to be anticipated that a number of holders will have been waiting for this “milestone” to offload some stock. The increased volume today seems to me to reflect this.
In recent times I’ve observed multiple instances of biotechs making positive announcements only to see the stock trading down by the end of the day. The weight of holders waiting to sell simply outweighs the weight of demand to buy in.
In other words, I’m not surprised by today’s price action.
That said, today's results were pleasing. Combined with previous results from head-to-head studies which showed PYC’s PPMOs to be 10-100x more potent than naked antisense oligonucleotides, PYC should now be able to comfortably determine a dose, to take forward into clinical trials, that is both safe and effective .
PYC Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held
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