Shares of MiNK Therapeutics (NASDAQ:INKT) tumbled 30% on Monday, erasing a large portion of the 730% surge seen on Friday after the company’s stock was downgraded by William Blair.

The steep rally last week pushed the stock to $64.17 after MiNK announced a publication in Nature’s Oncogene highlighting a complete remission in a testicular cancer patient treated with Opdivo combined with agenT-797 in a Phase I clinical trial. Despite this positive news, the stock slipped in early trading on Monday following William Blair analyst Matt Phipps’ decision to downgrade the shares from Outperform to Market Perform.

Phipps acknowledged the promising clinical data but explained that the recent price surge had pushed the stock well beyond the firm’s prior fair-value target of $33. The downgrade reflects cautious anticipation as the analyst awaits further results from MiNK’s ongoing gastric cancer trial and more clarity regarding how the company plans to secure the capital necessary to expand its drug development pipeline.

The published case study detailed a patient with treatment-resistant testicular cancer who had progressed after multiple lines of therapy, including those targeting PD-1. After treatment with Opdivo plus a single dose of agenT-797, the patient achieved a complete remission.

Financial concerns remain, as MiNK ended the first quarter with only $3.2 million in cash, raising questions about its ability to continue funding research efforts without additional financing.

MiNK Therapeutics stock price

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