Achilles Therapeutics ADRs Rise 32% on Cost-Cutting Measures

Dow Jones09-19

By Denny Jacob

American depositary receipts of Achilles Therapeutics rose 32% after the company disclosed cost-cutting measures as part of a strategic update.

ADRs were trading around 94 cents. ADRs are up about 12% on the year.

The clinical-stage biopharmaceutical company announced layoffs and the discontinuation of a program and two clinical trials. Achilles said it will refocus its strategy to explore further engagement with third parties who are developing alternative modalities to target clonal neoantigens for cancer treatments.

Achilles also said it has engaged BofA Securities as a financial adviser in the process of exploring and reviewing value-maximizing strategies.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

September 19, 2024 10:43 ET (14:43 GMT)

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