Stock Alert: RAPT Therapeutics Tanks 45%

(RTTNews) - Shares of RAPT Therapeutics, Inc. (RAPT) tanked 45% on Monday morning. The company reported positive initial data from an ongoing Phase 1/2 trial of FLX475 in multiple cancer indications. However, the company's third-quarter loss was wider than Wall Street's estimates.

RAPT is currently trading at $16.61, down $13.86 or 45.49%, on the Nasdaq.

RAPT Therapeutics, a clinical-stage, immunology-based biopharmaceutical company, said initial data from the trial shows evidence of monotherapy activity, encouraging efficacy in combination with the PD-1 checkpoint inhibitor pembrolizumab and biomarker data supporting FLX475's mechanism of action.

Third-quarter results' net loss were $14.6 million, wider than last year's loss of $10.0 million. On a per share basis, loss was $0.60 per share, compared to $12.41 per share last year.

Analysts polled by Thomson Reuters estimated a loss of $0.57 per share for the third quarter.