Clinical stage pharmaceutical firm Brickell Biotech Inc (NASDAQ:BBI) saw its stock correct quite sharply on Wednesday as it ended the day with a decline of 6% amidst a selloff. That being said, it is perhaps also important to keep in mind that over the course of the past week the stock is still up by as much as 12%.
Trading Data
On Wednesday, BBI stock fell 5.73% to $0.24 with 5.40 million shares, compared to its average volume of 7.45 million shares. The stock has moved within a range of $0.2400 – 0.2765 after opening trade at $0.27.
Brickell Biotech Acquires Exclusive Global Rights to Portfolio of Novel STING Inhibitors Targeting Autoimmune and Inflammatory Diseases from Carna Biosciences
Yesterday, the company announced that it had signed a licensing agreement with the clinical stage biopharmaceutical company Carna Biosciences, which is involved in developing therapies for unmet needs in case of serious conditions.
By way of this licensing agreement, Brickell Biotech is going to get the worldwide, exclusive rights for not only developing but also commercialising the portfolio of Stimulator of Interferon Genes (STING) antagonists that is owned by Carna.
While it cannot be denied that such a deal could eventually prove to be a massive boost for Brickell Biotech in the long run, investors seemed to have been cautious about the whole thing yesterday. However, it is going to be interesting to see if the sentiments change over the course of the coming days or not. At this point, it may be a good move to keep the stock in your watch lists.
Key Quote
“Inhibiting the STING pathway is a compelling and differentiated approach. In many chronic inflammatory conditions, persistent inflammation results in substantial tissue damage and release of DNA fragments into the extracellular space. The cGAS-STING pathway is the crucial sensor for these extracellular DNA fragments, which triggers release of interferons and other pro-inflammatory cytokines that further exacerbates the inflammation,” states Dr. Monica Luchi, Chief Medical Officer of Brickell.
Technical Data
BBI stock is trading below the 50-Day and 200-Day Moving averages of $0.26 and $0.61 respectively. However, the stock is trading above the 200-Day moving average of $0.24.
