Har­poon cuts bait with lead pro­gram af­ter fail­ing to find sil­ver lin­ings from AS­CO da­ta, oth­er stud­ies

Har­poon’s re­cent slide con­tin­ued Thurs­day as it axed its lead pro­gram.

With mar­ket cap bleed­ing since June and a CEO res­ig­na­tion last Oc­to­ber, Har­poon an­nounced it would dis­con­tin­ue a dose es­ca­la­tion study for a trispe­cif­ic, an­ti-PS­MA T cell en­gager pro­gram known as HPN424. In­vestors ap­peared dis­ap­point­ed, but not sur­prised, by the news as Har­poon shares fell about 10% in ear­ly Fri­day trad­ing.

The move­ment pushed Har­poon’s share price in­to pen­ny stock ter­ri­to­ry again, falling be­low $5 for the third time in the last two months.

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