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Turnstone Biologics Corp. (TSBX) stock has tumbled to a 52-week low, reaching a price level of just $0.29. This significant drop reflects a stark 1-year change, with the company’s stock value plummeting by -89.66%. According to InvestingPro analysis, the company’s market capitalization has shrunk to $7.32 million, though analysts maintain a $1.00 price target. The stock appears undervalued based on InvestingPro’s Fair Value assessment. Investors have witnessed a challenging period for Turnstone Biologics, as the biotechnology firm grapples with market pressures and internal hurdles that have severely impacted its stock performance over the past year. While the company maintains a strong liquidity position with a current ratio of 4.17 and more cash than debt, InvestingPro data reveals concerning cash burn rates and weak profit margins. The current low represents a critical juncture for the company as it seeks to stabilize and regain investor confidence. (Discover 8 more exclusive InvestingPro Tips for TSBX’s outlook.)
In other recent news, Turnstone Biologics Corp. has announced the discontinuation of its TIDAL-01 clinical program, which was aimed at treating solid tumors. This decision is part of the company’s strategic review process, as it explores alternatives such as mergers, acquisitions, or asset sales to maximize shareholder value. The move comes amid a need for substantial investment in manufacturing process improvements for its Selected TIL therapy. Following this announcement, Piper Sandler downgraded Turnstone Biologics’ stock rating from Overweight to Neutral, significantly lowering the price target from $3.75 to $0.40. The downgrade reflects the firm’s reassessment of the company’s valuation and projected cash balance, expected to be around $11 million in the first quarter of 2025. Additionally, Turnstone Biologics has been approved to transfer its stock listing from the Nasdaq Global Market to the Nasdaq Capital Market after failing to meet the minimum bid price requirement. The company is considering implementing a reverse stock split to regain compliance with Nasdaq’s listing standards. Turnstone Biologics is also implementing workforce reductions and cost-containment measures to conserve cash during its strategic review process.
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