13.1 C
New York
Wednesday, October 5, 2022

ZIOPHARM Oncology Inc. (ZIOP) Stock Plummets Following Strategic Workforce Reduction

ZIOPHARM Oncology Inc. (ZIOP) stock prices were up by 4.43% as of the market closing on September 27th 2021. This brought the price per share up to USD$2.12 at the end of the trading day. Subsequent premarket fluctuations have seen the stock fall by 18.40%, bringing it down to USD$1.73.

ZIOP Stock’s Restructuring

September 27th 2021 saw ZIOP stock announce its restructuring program, wherein roughly 60 positions within the company have been eliminated. This development was in the interest of advancing its TCR program. This will be facilitated by the expected extension of the company’s cash runway into the first half of 2023 as a result of the redundancies. The laid off employees’ many contributions over the years and their impact have been appreciated by the company. Accordingly, the company will commit to supporting the valued employees during the transition.


Top 5 Cheap Stocks to Own Right Now

While finding safe stocks with the potential for monster gains isn't always easy, we've found a few that could pay out well. In fact, within our report, "Top 5 Cheap Stock to Own Right Now", we have identified five stocks we believe could appreciate the most even if you just have $1,000 to invest.

Sign up here to get your free report now.

Sponsored


Supporting TCR-T Program

This strategic decision was deemed necessary by the company’s management in an effort to create an organization structured and staffed for success. this will help the company maintain its focus on its goal of generating clinical data in its promising TCR-T Library program. Management is confident in the remaining highly talented team’s execution of the company’s strategy. Management’s decision has been backed by the Board of Directors of Ziopharm. It is hoped that this will drive a singularly concentrated effort on establishing the company as a leading TCR-T company.

First Patient Dosing

Concurrently, the company also announced the upcoming expected first dosing of its first patient in TCR-T Library Phase 1/2 clinical trial. The dosing is anticipated for the first half of 2022 after having experienced unforeseen delays caused by inadequate resources at its contract manufacturer. ZIOP stock is continuing to invest in its own manufacturing capabilities. This will help accelerate patient dosing and consolidate the company’s commitment to having internal manufacturing capabilities. These internal manufacturing capabilities are expected to be operational in the first half of 2022. This will help support the company’s upcoming first patient dosing.

Future Outlook for ZIOP Stock

The company reported a promising quarter, consolidated by its decision to restructure its workforce. The company is keen to allocate the expanded scope of resources at their disposal as a result of this development. Current and potential investors are hopeful that management will be able to leverage these resources effectively. This is hoped to facilitate significant and sustained increases in shareholder value.

Latest news

Related news

LEAVE A REPLY

Please enter your comment!
Please enter your name here