Shares of GenVec Inc (NASDAQ:GNVC) are down big in early morning trading, after the company released an 8-k stating that there has been a bit of a setback in the study of their drug CGF166, a drug designed to help patients with bilateral severe-to-profound hearing loss.
“Novartis notified GenVec (NASDAQ:GNVC) that it was pausing enrollment in the clinical trial of CGF166 to conduct a safety review of patient data, based on the recommendation of the trial’s data safety monitoring board,” the company announced. “The trial will continue to collect new safety and efficacy data on patients currently enrolled in the study.”
The stock is down 60.40% or $1.045 following the news, hitting $0.685 per share. About 168,968 shares traded hands or 36.68% up from the average. GNVC has declined 27.00% since June 5, 2015 and is downtrending. It has underperformed the S&P500 by 21.15%.
The institutional sentiment increased to 1.4 in Q2 2015. It’s up 1.02, from 0.38 in 2015Q2. The ratio improved, as 3 funds sold all their GenVec Inc shares they owned while 2 reduced their positions. 2 funds bought stakes while 5 increased their total positions. Institutions now own 9.87 million shares which is 78.29% more than the previous share count of 5.54 million in 2015Q2.
Ecor1 Capital Llc holds 2.09% of its total portfolio in GenVec Inc, equating to 1.99 million shares. Cormorant Asset Management Llc owns 1.18 million shares representing 0.43% of their total US portfolio. Moreover, Dafna Capital Management Llc has 0.22% of their total portfolio invested in the company, equating to 95,800 shares. The New York-based Perceptive Advisors Llc has a total of 0.11% of their portfolio invested in the stock. Sphera Funds Management Ltd., a Israel-based fund reported 360,325 shares owned.
GenVec, Inc. is a clinical-stage biopharmaceutical company, engaged in the development of therapeutics and vaccines. The company has a market cap of $11.83 million. The Firm designs, tests and makes adenoviral product candidates. It currently has negative earnings. The Company’s development programs address therapeutic areas, such as hearing loss and balance disorders, as well as vaccines against infectious diseases, including respiratory syncytial virus (RSV), herpes simplex virus (HSV), Enterovirus D68 (EV-D68) and malaria.