Trapped in Nasdaq’s biotech basement, Codiak’s Doug Williams lays out a survival plan: chopping jobs, PhII plans
It took a dogged effort by Codiak BioSciences $CDAK founder Doug Williams to get an IPO to fly on Nasdaq. But once out in late 2020 at $15, he was embraced by a new generation of biotech investors who had been inspired by the pandemic and fast fortunes to go big in the sector.
The stock quickly soared to more than $32 a share — and then never reached that ceiling again. Instead, the new investors fled to other fields at the start of this year, leaving Codiak mired at little more than $2 a share and a market cap of only $52 million, another struggling micro player brought down in the general collapse.
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