NEW YORK, NY / ACCESSWIRE / August 7, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Caribou Biosciences, Inc. ("Caribou" or the "Company") (NASDAQ:CRBU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Caribou and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On June 2, 2024, Caribou issued a press release announcing that the Company had "presented updated clinical data from the ongoing ANTLER Phase 1 trial that indicates a single dose of CB-010, a readily available, off-the-shelf anti-CD19 CAR-T cell therapy with a PD-1 knockout, has the potential to rival the safety, efficacy, and durability of approved autologous CAR-T cell therapies." Following Caribou's announcement, Evercore analysts downgraded the stock to "in line" and dropped its price target to $3.00 from $13.00, stating that they were "not yet convinced" that Caribou's therapy "will be competitive and wait on the sidelines until data in 1H 2025."
On this news, Caribou's stock price fell $0.734 per share, or 15.52%, to close at $2.145 per share on June 3, 2024.
Then, on July 16, 2024, Caribou disclosed in a filing with the U.S. Securities and Exchange Commission that it had "discontinued preclinical research activities associated with its allogeneic CAR-NK platform and reduced its workforce by 21 positions, or approximately 12%", explaining that "[t]he Company is undertaking this reduction to extend its cash runway".
On this news, Caribou's stock price fell $0.33 per share, or 12.09%, over the following two trading sessions, to close at $2.40 per share on July 18, 2024.
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SOURCE: Pomerantz LLP