This morning man investors are possibly going to focus on the clinical stage immuno-oncology firm Medicenna Therapeutics (NASDAQ:MDNA), considering the fact that its stock had moved strongly on Wednesday.
Trading Data
On Wednesday, MDNA stock moved up 7.70% to $1.54 with more than 94k shares, compared to its average volume of 204K shares. The stock has moved within a range of $1.4700 – 1.5500 after opening trade at $1.47.
Medicenna Announces Management Change and Appoints Experienced Development Advisory Committee
The stock had come into sharp focus yesterday and ended up with gains of as much as 10% as a consequence. While it is true that there was no announcement about the company yesterday, it should be noted that earlier on in the week on Monday, Medicenna had announced that Mann Muhsin had resigned from his position as the Chief Medical Officer of the company. It was revealed that Muhsin quit in order to be closer to his home.
The departure of such an executive can be a significant one for a company like Medicenna. However, the company announced Martin Bexon is going to step into the role on an interim basis. Bexon is an experienced employee and has managed a wide range of operations within the company. Bexon is going to perform the role in addition to being the Medical Monitor for a particular study that has been undertaken by Medicenna. It now remains to be seen if he Medicenna stock can continue to rally or not.
Key Quote
“We extend our thanks to Mann for his contributions to the Company and wish him well in his new endeavour.” said Dr Fahar Merchant, President and CEO of Medicenna. “Martin’s extensive experience in managing global oncology clinical trials at Roche has been an invaluable asset for Medicenna over the last 5 years, and we are pleased to have him as our acting CMO. In addition, we have appointed a world-class cadre of industry veterans to our Development Advisory Committee to leverage the full commercial potential of MDNA11 and our pipeline of BiSKITs™ (Bifunctional SuperKine ImmunoTherapies). In addition to Dr. Bexon, we are delighted to welcome Mr. Paul Smith, Dr. Bruce Pearce and Dr. Peter Lloyd, who have been instrumental in supporting MDNA11’s pre-clinical safety, PK/PD studies, international regulatory filings and designing the ABILITY study.”
Technical Data
MDNA stock is trading above the 20-Day and 50-Day Moving averages of $1.66 and $1.80 respectively. However, the stock is trading below the 200-Day moving average of $2.66. The stock is down 39% in the past 6-month.
