This has been a tough year to hold riskier biotechs, and Cyclacel (NASDAQ:CYCC) has been no exception as the shares have fallen by about a third since my last write-up on the company and more than 20% year-to-date. Some investors were definitely angered by the company's decision to launch another Phase II study in MDS instead of the expected pivotal Phase III study, but the shares were weak before that announcement. More likely, Cyclacel has found itself caught up in a "risk-off" move out of biotech and perhaps an increasing obsession with all things immuno-oncology.
Some readers will scoff at what I'm about to say, but I've always pursued Cyclacel from the value/expectation angle. I'm not all that...
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