Why Selecta Biosciences Stock Is Dropping Today
On Thursday, Selecta Biosciences (NASDAQ: SELB) announced an update to its collaboration with Asklepios BioPharmaceutical, a partnership focused on the development of MMA-101 and ImmTOR as a combination treatment for methylmalonic acidemia (MMA). Investors were not pleased with some of the information Selecta Biosciences revealed, however. As a result, the company's shares are dropping sharply today. Selecta Biosciences' stock was down by 16.5% as of 12:50 p.m. EDT.
Selecta Biosciences announced that moving forward, it will hold the exclusive rights to advance the development of MMA-101 and ImmTOR as a combination treatment for MMA. Previously, Selecta Biosciences shared these rights with Asklepios BioPharmaceutical, but the latter opted to give all the rights to Selecta.
The most likely reason why Selecta Biosciences' stock is plunging today is the announcement that due to a manufacturing issue, the company now expects the submission of its investigational new drug (IND) application for MMA-101 and ImmTOR to be delayed at least until the fourth quarter of 2021.
Source Fool.com