Oxford BioMedica slides as Novartis, Bristol-Myers Squibb pause CAR-T autoimmune trials
BMY•Shares fall on trial pauses
** Shares in London-listed Oxford BioMedica OXB.L fell sharply after Novartis NOVN.S and Bristol-Myers Squibb BMY.N paused clinical trials of CAR-T treatment for autoimmune disorders.
** Oxford BioMedica has relationships with both companies, RBC analyst Charles Weston noted, although he does not expect the trial pauses to have direct financial relevance.
Recent pressure on the shares
** Oxford BioMedica fell by over 14% on August 7 after lowering its annual forecast, citing operational delays at a U.S. site and deferred client orders.
** Shares are down 28% year-to-date, compared with a 9% gain for the FTSE 250 .FTMC.
Analyst says impact is mainly sentiment
** "The company's near-term revenue drivers are largely in oncology CAR-T," Weston said.
** Shares in Oxford BioMedica were down 14%, "highlighting that the risk is more to sentiment than to fundamentals, arriving at an unhelpful time, with shares already under pressure following the revenue guidance cut," Weston added.
