Why Are Marker Therapeutics Shares Trading Lower On Thursday?

Marker Therapeutics Inc MRKR shares are trading lower after Roth Capital downgrades the company from Buy to Neutral and lowers the price target from $3 to $1.

• The company reported initial results from the Phase 2 trial for MT-401 as a treatment option for Acute myeloid leukemia (AML) in the post-transplant setting. 
• No dose-limiting toxicities, cytokine release syndrome, or neurotoxicity were observed. 
• 1 MRD+ patient became MRD- after infusion with MT-401.
• No objective responses from the frank relapse patients were observed.
• The company developed and is implementing a new nine-day MultiTAA-specific T cell manufacturing process. 
• The new manufacturing process marks additional improvements compared to the methods used in the Baylor College of Medicine Phase 1/2 trials (36-day manufacturing time) and the current AML trial (20-day manufacturing time). 
• Marker plans to file Investigational New Drug applications (INDs) for MT-601 in pancreatic cancer and lymphoma in 2022 and expects to initiate these trials in 2023.
• Price Action: MRKR shares are down 22.30% at $0.48 during the market session on the last check Thursday.