The Race Oncology Ltd (ASX: RAC) share price edged higher before being frozen today.
This comes after the pharmaceutical company requested its shares be placed in a trading halt.
At the time of writing, Race Oncology shares are on ice at $1.735 apiece.
It’s worth noting the company’s shares have fallen 28% in the past month following a drop-off in investor sentiment.
Why is the Race Oncology share price halted?
During mid-afternoon trade, the company requested the Race Oncology share price be halted while it prepares an announcement.
The request for the voluntary trading halt is in relation to the “release of clinical results for the dose escalation phase of the 1b/2 Zantrene AML trial in Israel”.
While the results remain unknown, investors will have to wait until on or before Monday 30 May to find out. It is expected once the announcement is provided to the ASX, the trading halt will be lifted.
More on Zantrene
Race Oncology is currently in a phase 1b/2 relapsed/refractory (R/R) acute myeloid leukemia (AML) Zantrene trial at the Chaim Sheba Medical Centre in Israel.
The team is analysing clinical patient samples from the ongoing Zantrene study for FTO and related biomarkers. FTO refers to the fat mass and obesity-associated (FTO) gene, which mostly influences the body mass index (BMI).
Overexpression of FTO has been shown to be the genetic driver of a diverse range of cancers.
Race is exploring the use of Zantrene as a new therapy for melanoma and clear cell renal cell carcinoma which is a type of kidney cancer.
About the Race Oncology share price
Since this time last year, the Race Oncology share price has declined by 45% in value.
However, in 2022, the company’s shares are further down, registering a loss of 52%.
Based on valuation grounds, Race Oncology has a market capitalisation of roughly $274.37 million.
The post Why is the Race Oncology share price in a trading halt? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Race Oncology right now?
Before you consider Race Oncology, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Race Oncology wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- Can the AMP dividend yield really push to 15%?
- Why I’d buy the iShares S&P 500 ETF right now for instant diversification
- Here are the 3 most traded ASX 200 shares on Thursday
- Sick of the ASX falls? Me too!
- Action aplenty: Here’s why the Appen share price has now been halted
Motley Fool contributor Aaron Teboneras 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 Scott Phillips.
from The Motley Fool Australia https://ift.tt/mNCZfOc
Leave a Reply