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Why is Gracell Biotechnologies Inc ADR (GRCL) Stock down?

28 Nov, 2023:

Shares of Gracell Biotechnologies Inc ADR (GRCL) dropped by 16.67% from $5.40 to $4.50 in the trading on Tuesday, November 28, 2023. The reason why GRCL is down today is due to the recent announcement that the company received FDA clearance for its IND (Investigational New Drug) application for the Phase 1/2 clinical trial of FastTCART-T GC012F, which is intended for the treatment of refractory systemic lupus erythematosus. While this news may seem counterintuitive, the market's reaction suggests that investors may have had different expectations or concerns related to the trial, leading to the stock's drop.

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