Prescient Therapeutics Ltd (ASX: PTX) shares have just ended a week to forget. By Friday’s close, the Prescient share price was sitting 16% lower for the week. The company’s shares also sank by 4.55% during today’s session alone.
Let’s take a look at what the healthcare company has been up to lately.
What’s driving the Prescient share price lower?
The company has not released any price-sensitive news this week that could explain the bearish price action.
As such, it’s possible that some investors are simply deciding to take some profits off the table in what has been a fairly lacklustre week for the All Ordinaries Index (ASX: XAO).
The Prescient share price has had an astounding run in 2021, surging by more than 200% since the start of the year. After hitting fresh highs recently, many shareholders may be looking to cash in some of their profits.
What else has the company been up to?
Prescient Therapeutics is a clinical-stage oncology company based in Australia. It has a broad pipeline of products that aim to tailor cancer treatments for patients. Prescient’s oncology therapies genetically modify a patient’s T-cells by adding a new receptor.
Most recently, the Prescient share price hit new highs following news about its cancer treatment drug OmniCAR released on 5 July.
The company announced that testing results substantially de-risked the product’s use. Prescient is developing OmniCAR programs for acute myeloid leukemia and other solid tumours. The product’s binding components were tested by an independent researcher to determine if they would cause adverse immune responses that could compromise therapy.
Foolish takeaway
Overall, the Prescient share price has had a stellar run in 2021, as well as over the past 12 months. Since this time last year, shares in the biotech company have soared by more than 250%.
After being smashed in early trade today and falling by as much as 11%, the Prescient share price did manage to partially recover by the end of today’s session. Based on the current share price, the company has a market capitalisation of around $130 million.
The post Why is the Prescient (ASX:PTX) share price down 16% this week? appeared first on The Motley Fool Australia.
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More reading
- The Prescient (ASX:PTX) share price rocketed 10% higher today. Here’s why
- Prescient (ASX:PTX) share price sinks despite positive update
Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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