Why Did Oncorus Shares Slump To 52-Week Low Today?

Oncorus Inc ONCR shares slumped after the company reported initial data for its investigational cancer therapy ONCR-177 from a Phase 1 trial in heavily pretreated patients with advanced, injectable solid tumors.
ONCR-177 is a Herpes Simplex Virus (HSV) product candidate.
In the dose-escalation portion of the trial, ONCR-17 was well tolerated with no dose-limiting toxicities.
4x108 PFU in 4 mL was selected as the recommended Phase 2 dose (RP2D).
With four evaluable patients in the monotherapy escalation portion of the trial, three of the eight evaluable patients indicated a clinical benefit after four weeks at the RP2D dose.
Additional surface lesion monotherapy expansion data are expected in mid-2022.
The company plans to begin enrollment in the dose combination expansion (Part 2) and the visceral lesion dose monotherapy escalation (Part 3) by the end of 2021.
Related Link: Oncorus, Gaeta Therapeutics Ink Cancer Candidate Licensing Agreement.
Price Action: ONCR shares are down 44.10% at $6.21 during the market session on the last check Friday.