MiNK Therapeutics (INKT) stock plummeted on Monday after the shares underwent a massive rally on Friday alongside positive cancer data. One reason for this drop is the stock adjusting to its new value. Traders likely boosted the stock too high during Friday’s rally, and it’s settling to a more reasonable price that is still well above its pre-surge value.
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Another factor that could have weighed down INKT stock today is a downgrade from William Blair analyst Matt Phipps. This analyst downgraded MiNK Therapeutics to a Hold from a Buy rating. Additionally, H.C. Wainwright analyst Emily Bodnar reiterated a Buy rating and $35 price target, suggesting a 45.46% downside for the shares.
INKT stock was down 28.3% in pre-market trading on Monday, following a 730.14% rally on Friday. The stock was up 820.66% year-to-date and has increased 462.89% over the past 12 months. Trading volume today is muted at roughly 310,000 shares, compared to a three-month daily average of about 1.61 million units.
Is MiNK Therapeutics Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for MiNK Therapeutics is Moderate Buy, based on one Buy and one Hold rating over the past three months. With that comes an average INKT stock price target of $35, representing a potential 45.46% downside for the shares.
