Cue Biopharma (NASDAQ:CUE), Inc., a company focused on pharmaceutical preparations, reported a significant change in its board composition. Michael J. Fox, a member of the company's Board of Directors, has resigned from his position effective August 28, 2024. The announcement was made via an 8-K filing with the Securities and Exchange Commission on Tuesday.
Fox's departure from the board and all related committees was not due to any disagreements with Cue Biopharma regarding its operations, policies, or practices. The company, headquartered in Boston, Massachusetts, confirmed this detail in the filing, emphasizing that the resignation was a personal decision.
Cue Biopharma, listed on the Nasdaq Capital Market under the ticker NASDAQ:CUE, operates in the competitive pharmaceutical sector, classified under the Standard Industrial Classification code 2834. The company, formerly known as Imagen Biopharma, Inc., underwent a name change on June 17, 2015, and is incorporated in Delaware.
The resignation of a board member is a notable event for stakeholders, as directors play a critical role in corporate governance and strategic direction. Cue Biopharma has not yet announced a successor or provided details on how Fox's departure will affect the board's composition or the company's strategic plans moving forward.
In other recent news, Cue Biopharma has undergone a strategic shift to prioritize its autoimmune programs, resulting in a 25% reduction in workforce and a lowered annual capital requirement. This decision aligns with the company's focus on developing treatments for autoimmune diseases, such as CUE-401 and CUE-501, partnered with Ono Pharmaceutical.
Stifel has adjusted its price target for Cue Biopharma, reducing it from $8.00 to $4.00, while maintaining a Buy rating on the company's stock. The new price target reflects the delayed commercialization timeline for CUE-101, now projected for fiscal year 2030.
On the other hand, Piper Sandler maintains confidence in Cue Biopharma, confirming its Overweight rating with a steady price target of $3.00. The firm acknowledges the promising results from Phase II study of CUE-101 combined with Keytruda for patients with HPV+ head and neck squamous cell carcinoma.
Cue Biopharma is also actively reducing its debt, which currently stands at $6.2 million, and ended the second quarter of 2024 with $30 million in cash. The company anticipates these funds to support operations until the second quarter of 2025. These are recent developments that indicate the company's strategic and financial direction.
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