Why Is Immuno-Oncology Firm Harpoon Therapeutics Stock Trading Lower Today?

Harpoon Therapeutics Inc HARP shares are trading lower after AbbVie Inc ABBV chose not to exercise its exclusive license option within the Development and Option Agreement regarding Harpoon's HPN217 program. 

This program specifically targets B cell maturation antigen or BCMA. 

The termination of this Agreement is set to take effect on October 12, 2023. 

Also Read: Harpoon Therapeutics Shares Gain On Updated Data From Investigational Myeloma Drug

This decision implies that the HPN217 program will continue to be owned exclusively by Harpoon, allowing the company to push forward with its development.

Previously, Harpoon had already announced the acceptance of an abstract and scheduled a poster presentation, which will feature preliminary data from the dose escalation portion of the Phase 1 study of HPN217 in patients with relapsed/refractory multiple myeloma, including data up to and including the 12 mg cohorts at the 20th International Myeloma Society Annual Meeting.

Price Action: HARP shares are down 19.0% at $5.30 on the last check Thursday.