Prescient (ASX:PTX) share price sinks despite positive update

The biotech company's shares are taking a fall today after reaching a multi-year high yesterday.

falling healthcare asx share price Mesoblast capital raising

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Prescient Therapeutics Ltd (ASX: PTX) share price is freefalling today after the company provided an update on its next-generation immunotherapy platform.

At the time of writing, the Prescient share price has fallen 11%, trading at 20 cents.

Let's take a look at the clinical stage oncology company's news out today.

What did Prescient announce?

Investors are selling Prescient shares after the biotech announced it has completed a CAR-T manufacturing milestone. CAR-T cell therapy is a form of immunotherapy that uses laboratory altered T cells to fight cancer.

In today's release, Prescient advised it has successfully incorporated SpyTag into a range of binders for its next-generation CAR-T programs. This includes the OmniCAR system, a breakthrough CAR T therapy platform that is believed to be a more safe and effective treatment when treating cancers.

In addition to the update, Prescient also received delivery of lentiviral vectors that will be used to produce CAR-T cells expressing SpyCatcher.

Both the binders and lentiviral vectors have been delivered to the Peter MacCallum Cancer Centre in Melbourne. Testing and in vitro (using live culture) and in vivo (using a living organism) development is expected to be undertaken.

Prescient CEO and managing director Steven Yatomi-Clarke commented:

Demonstrating that novel components can be manufactured is a crucial milestone in the development of an innovative next-generation CAR platform like OmniCAR.

… Prescient's research team at the Peter Mac has completed all the preparatory work in parallel, and the delivery of the binders and vectors now enables the team to progress the development of our in-house next-generation cell therapies.

About the Prescient share price

Established in 1986, Prescient focuses on developing novel, personalised therapies for a range of cancers. This includes cancers such as Acute Myeloid Leukemia (AML), glioblastoma multiforme (GBM), as well as breast, ovarian and gastric cancers.

Despite today's fall, the Prescient share price is up more than 185% in 2021, and has lifted 233% over the last 12 months. The company's shares reached a multi-year high of 23 cents yesterday.

Prescient presides a market capitalisation of roughly $144 million, with approximately 640 million shares on issue.

More on Healthcare Shares

Male doctor in a lab coat working at laptop looking serious.
Healthcare Shares

This bombshell for ASX healthcare shares could hit 6 million Australians

This could have a large impact.

Read more »

Two scientists in a Rhythm Biosciences lab cheer while looking at results on a computer.
Healthcare Shares

2 ASX healthcare shares having a stellar run today

The ASX healthcare sector is down today but these two stocks are bucking the trend.

Read more »

A company manager presents the ASX company earnings report to shareholders at an AGM.
Healthcare Shares

Why this $13 billion ASX 200 healthcare stock is surging today

A change in sentiment for the healthcare player.

Read more »

Shot of a scientist using a computer while conducting research in a laboratory.
Healthcare Shares

This ASX 200 stock hit a 52-week low and a top broker thinks it can rebound

Patient investors may see this stock make a pleasing recovery.

Read more »

A couple smile as they look at a pregnancy test.
Healthcare Shares

Why this sold-off ASX healthcare share could be an exciting dividend buy

This could be a healthy stock for dividends.

Read more »

a smiling woman sits at her computer at home with a coffee alongside her, as if pleased with her investments.
Healthcare Shares

Is CSL the best ASX 100 share to buy now?

Bell Potter has good things to say about this blue chip star.

Read more »

Scientists in a laboratory look at a computer screen with anticipation on their faces representing a potential change in the performance of ASX biotech shares in FY23
Healthcare Shares

Down 10% in a month, are CSL shares feeling the sting of a potential disruption?

Brokers are still bullish.

Read more »

One girl leapfrogs over her friend's back.
Healthcare Shares

Doubled in a year! Does this booming ASX share have another 24% upside?

Let's take a look.

Read more »