Marker Therapeutics (MRKR) stock plunged today in the market; Here’s why

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The stock of Marker Therapeutics plunged today by -4.26% to the current price of $1.80. The MRKR stock previously closed at $1.88.

Marker Therapeutics Inc. is a biotechnology firm that descriptively is a clinical-stage immune-oncology company. MRKR specializes in the development, production, and commercialization of different gene and T-cell-based immunotherapies. They also focus on peptide-based vaccines, which are used for the cure and treatment of hematological malignancies and work as indicators for solid tumors.

Major shareholder buys more than 5 million shares of MRKR

The major shareholder of the MRKR stock, Paul Edward Walker, acquired 5,714,285 shares of its stock. This transaction took place on 16th March, where the stakes were acquired at an average price of $1.75. The news of this purchase was publicly recorded and filed with the Securities & Exchange Commission SEC.

On a similar day, the biotech company announced the closing of an underwritten public offering of more than 32 million (precisely 32,282,857) shares of its common stock. These shares were also priced at $1.75. Usually, in a significant transaction of this size, the gross proceeds have certain deductions that are made related to underwriting discounts, commissions as well as offering expenses. The net proceeds that will be received by Marker Therapeutics are equal to %56.5 million.

This offering had many book-running managers for it. Oppenheimer and Co. Inc. acted as the lead manager while Piper Sandler & Co. and Cantor Fitzgerald & Co. also served as the book-running managers for the offering. Roth Capital Partners acted as the co-manager for the offering.

Reinforced positive market sentiment for MRKR

On 8th March 2021, MRKR posted its earnings which showed that the company had missed Zacks Consensus Estimate of $0.16 while it reported $0.18 earnings per share.

However, the overall market sentiment for this stock has been lifting up as several key institutional investors and hedge funds, as well as analysts, have made positive comments and actions regarding MRKR stock. GSA Capital Partners LLP, State Street Corp, Vigilare Wealth Management, and Jane Street Group LLC have acquired new shares in the 3rd and 4th quarters of 2020.

Analysts give “buy” and “overweight” ratings to the stock

Oppenheimer has issued a “buy” rating to the MRKR stock set at $8.00, while Cantor Fitzgerald & Co. started coverage on MRKR while giving it an overweight rating at a price objective of $6.00.

The MRKR stock news will continue to be positive due to institutional investors & hedge funds. Mainly the focus of all the concerned parties will be towards the anticipation of the current quarter’s financial report.

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