|Company Name||NextCure, Inc.|
|Class Period||November 05, 2019 to July 14, 2020|
|Lead Plaintiff Motion Deadline||November 20, 2020|
In November 2019, NextCure completed its SPO, selling over 4 million shares at $36.75 per share.
On January 13, 2020, NextCure disclosed that Eli Lilly and Company had ended its collaboration agreement for the research and development of the Company’s leading product candidate, NC318, a first-in-class immunomedicine targeting the Siglec-15 immunomodulatory receptor particularly for patients with advanced or metastatic solid tumors.
On this news, the Company’s share price fell $4.70, or 8%, to close at $52.00 per share on January 13, 2020, thereby injuring investors.
Then, on July 13, 2020, before the market opened, NextCure announced that it was no longer planning to “advance the non-small cell lung cancer (NSCLC) and ovarian cancer cohorts in the stage 2 portion of the Simon 2-stage trial.” The same day, the Company announced that its Chief Medical Officer resigned.
On this news, the Company’s share price fell $9.73, or 54%, to close at $8.15 per share on July 13, 2020, thereby injuring investors further.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company possessed NC318 data that showed a lack of efficacy and objective responses; (2) as a result, NC318 was not, in fact, effective in treating most tumor types; (3) as a result, the NC318 application was proving to be limited (if even useful at all); (4) as a result of the foregoing, there was a significant realizable risk that NC318 would not be nearly as popular as then-existing blockbuster drugs, such as Keytruda.
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