It’s fair to say that there’s change afoot at Brooklyn Immunotherapeutics (NYSEAMERICAN:BTX). Some folks are averse to big changes, but BTX stock holders shouldn’t be worried at all.
Just to give you a quick rundown, Brooklyn Immunotherapeutics is a clinical-stage biopharmaceutical company. It specializes in developing treatments for patients suffering from cancer and rare diseases.
The company’s lead clinical program is called IRX-2. This is a human cell-derived cytokine therapy in Phase 2b development for the treatment of head and neck cancer.
Importantly, Brooklyn Immunotherapeutics recently announced an exclusive license agreement that could expand the company’s clinical offerings. Plus, a change at the company’s executive level should provide a wealth of knowledge and experience to this biotech up-and-comer.
BTX Stock at a Glance
Is BTX stock up, or is it down? The answer depends on your time frame.
If you can believe it, the stock was trading at just $2 and change a year ago. In hindsight, that turned out to be quite a bargain.
By April 1 of this year, BTX stock had increased to $3.75. That’s already a pretty good gain, but what came next was absolutely explosive.
In a mind-blowing rally, the stock catapulted up to a 52-week high of $80.67 on May 3. A cautious strategy would have been to take profits at that point, as the share price was about to retrace downwards.
By May 14, BTX stock was priced at $23 and change. That’s not great news for anyone who took a chance and purchased the shares near $80.
On the other hand, if you don’t have a position yet or you want to add to your stake, then you should now be able to get Brooklyn Immunotherapeutics shares at a more favorable price point.
Exploring Gene-Editing Tech
On April 30, when BTX stock was up by around 50% on heavy trading volume, InvestorPlace.com contributor Chris MacDonald wasted no time in getting the scoop.
As MacDonald pointed out, the r/WallStreetBets crowd seemed to be showing interest in Brooklyn Immunotherapeutics. Yet, I had to learn more as I suspected that there was more to this story.
And indeed, this wasn’t just about Reddit traders pumping up the stock. Rather, there was significant news involving Brooklyn Immunotherapeutics.
Specifically, the company had acquired an exclusive license agreement with Factor Bioscience and Novellus Therapeutics.
And with that, Brooklyn ImmunoTherapeutics now has the right to an exclusive license to be used in developing mRNA gene-editing compounds and cell therapies.
This is exciting technology which has the potential to be used in treating multiple cancers as well as blood and other disorders.
“As a result of the license acquisition, Brooklyn is now poised to become a key player among companies exploring gene editing for cell therapies,” commented Brooklyn ImmunoTherapeutics CEO Howard J. Federoff. Federoff further stated that this mRNA gene-editing technology “has the potential to be disruptive given its high efficiency and relatively low manufacturing costs.”
Say Hello to the New CEO
I just introduced you to Federoff through a couple of his recent quotes. It might surprise you to know, though, the Federoff was just appointed as Brooklyn ImmunoTherapeutics’ CEO in April.
According to InvestorPlace Assistant News Writer Brenden Rearick, Federoff is a former CEO of UCI Health. Now, he’s taking over the CEO position from Brooklyn ImmunoTherapeutics’ interim CEO, Ron Guido.
Without a doubt, Federoff has an impressive curriculum vitae and track record:
- Former dean at University of California, Irvine’s School of Medicine as well as at Georgetown University
- Published more than 275 peer-reviewed and invited articles
- Serves on editorial boards of five journals
- Co-founded MedGenesis Therapeutix and Brain Neurotherapy Bio
- CEO of regenerative medicine company Aspen Neuroscience
- Chaired the NIH Recombinant DNA Advisory Committee, the NHLBI Gene Therapy Resource and the Board of the Association of the Academic Health Centers
- Elected fellow of the American Association for the Advancement of Science and the National Academy of Inventors
It’s an understatement to say that Brooklyn ImmunoTherapeutics’ new CEO will prove to be a major asset to the company.
Furthermore, as the company secures an exclusive license agreement that delves into potentially breakthrough gene-editing tech, BTX stockholders have much to get excited about.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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