BioCryst Pharmaceuticals, Inc. (BCRX), a biotechnology company, is trading at $11.64 in the current market after plunging 34.90% since the start of the trading session.
BCRX Paused Enrolment
BCRX stock started to dive following the pause in enrolment for BCX9930 Clinical Trials. Hours ago, the company has announced that it has paused the enrolment in the clinical trials for BCX9930 as it is investigating the high levels of serum creatinine which is seen in some of the patients. However, the patients currently enrolled in the study would continue to take the drug.
Biotech Sector in Doldrums
Biotech stocks are depicting one of the worst stock market performances in several years. The rising inflation, hike in interest rates, and setbacks in scientific developments are proving to be a big hindrance to the growth of the biotech sector. Immediately after the onset of the pandemic, the biotech sector saw unprecedented growth as the medical industry was in a race to develop new vaccines for countering COVID-19. However, the most recent developments have seen the boom turn into a bearish spell.
BCRX Stock Having Insider Selling
Market observers are of the view that insider selling in BCRX stock has been on a significantly higher side during the last three months. During the period, insiders sold more than $0.5 million worth of the shares, while the share purchase remained on a negligible side. The huge volume of insider trading is pointing toward an upcoming weakness for the stock, but it hasn’t had any impact up till now.
BCRX stock hasn’t been able to portray a solid performance in the recent past. Looking ahead, it seems that the fundamentals are not that strong for the company at the moment. Hence, it could face trouble in near future. However, biotech stocks could and should not be voted out merely based on the current outlook as medicinal products developed by them could instantly change their fortunes.