A patient death overshadowed the first data from a human trial of the company’s allogeneic Car-T therapy CTX110.
Other groups with large disconnects between sellside and investor expectations include Beigene, Alnylam and Acceleron.
A global pandemic has done nothing to crimp M&A premiums, with acquirers forced to swallow ever higher price tags.
A mid-stage clinical failure raises more doubts about Galapagos’s pipeline and the wisdom of Gilead’s $5bn deal last year.
The pandemic remains the dominant storyline for drug stocks at the nine-month mark, with Vertex and Horizon rare non-Covid-related risers.
A few multi-billion-dollar deals got done in the third quarter, but 2020’s acquisition scene still looks anaemic.