Medicenna Therapeutics Corp (NASDAQ:MDNA) Stock Extends Sell-Off: Down 32% in a Month

Medicenna Therapeutics Corp (NASDAQ:MDNA) dropped 10%, and in a month, the stock has shed 32%. The company announced the publication of its pre-clinical MDNA109 data in a peer-reviewed journal, Frontiers in Immunology, authored by University of Helsinki researchers and from other institutions. MDNA109 is the company’s IL-2 Superkine platform which forms MDNA11’s basis.

CEO Fahar Merchant said that the publication is an external validation of MDNA109’s ability and superiority in reprogramming tumor microenvironment when utilized as a native IL-2 alternative to arm oncolytic viruses. In addition, Fahar said that the findings demonstrate another application of the MDNA109 platform besides being the core component of the MDNA11 and BiSKITs platforms.

Recently, the company submitted a clinical study application to Australia’s Human Research Ethics Committee to commence Phase1/2 MDNA11 clinical study. MDNA11 is Medicenna’s long-acting selective and proprietary IL-2 super agonist. The company plans to commence the study in Q3 2021 subject to acceptance of its Clinical Trial Notification by the Therapeutics Goods Administration and approval from HREC. So, in the coming months, MDNA is a stock to watch.

Market Reaction:

On Monday, MDNA stock fell 10% at $2.53 with more than 172k shares, compared to its average volume of 153k shares. The stock has moved within a range of $2.5100 – 2.7700 after opening the trade at $2.77. Over the past 52-week, the stock has been trading within a range of $2.5100 – 6.8400.