Why Is NuCana (NCNA) Stock Down 36% Today?

  • NuCana (NCNA) stock is dropping on a patent update.
  • One of its patents was ruled invalid in Europe.
  • This has heavy trading sending shares lower.
NCNA Stock - Why Is NuCana (NCNA) Stock Down 36% Today?

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NuCana (NASDAQ:NCNA) stock is sliding lower on Monday after the company got an unfortunate update from the Technical Board of Appeal (TBA) of the European Patent Office (EPO).

The bad news for investors in NCNA stock is the TBA has determined that the company’s European Patent 2955190 isn’t valid. This follows up a similar ruling last week that invalidated the patent in the U.K.

Hugh Griffith, founder and CEO of NuCana, said the following about the TBA’s decision:

“While we are disappointed by these decisions, they do not impact our core business of developing innovative new medicines for the treatment of patients with cancer. NuCana is well-capitalized, all of our clinical programs remain on track and we expect multiple data announcements in 2023.”

How This Affects NCNA Stock

Investors in NCNA stock aren’t reacting well to the patent news. As a result, the company’s stock is seeing heavy trading as shareholders sell the stock. For the record, that has some 200,000 shares trading hands as of this writing. That’s already above the company’s daily average trading volume of about 143,000 shares.

NCNA stock is down 35.5% during pre-market trading on Monday. That follows a 13% drop on Friday.

Investors looking for more of the latest stock market news will want to stick around!

InvestorPlace is home to all of the hottest stock market news traders need to know about on Monday! A few examples include why shares of Coeptis Therapeutics (NASDAQ:COEP) and First Republic Bank (NYSE:FRC) stock are rising, as well as the biggest pre-market stock movers this morning. We’ve got all that news ready to go below!

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On the date of publication, William White did not have (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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-is-nucana-ncna-stock-down-36-today/.

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