Why Shares of Prometheus Biosciences Slumped This Week
Shares of Prometheus Biosciences (NASDAQ: RXDX) were down more than 12% this week as of Friday morning, according to data from S&P Global Intelligence. The clinical-stage biotech company specializes in immunotherapies with a focus on inflammatory bowel disease (IBD).
The stock closed last Friday at $44.73, then opened at $44.50 on Monday. It fell steadily throughout the week and was as low as $37.89 early Friday. Prometheus' stock is down a little more than 2% so far this year.
Prometheus' lead therapy in its pipeline is IBD drug PRA023. The payoff for a successful IBD therapy could be significant, with possibly more than 3 million people in the United States suffering from IBD, according to the Centers for Disease Control, including two IBD conditions, ulcerative colitis and Crohn's disease.
Source Fool.com
