Lakefront Biotherapeutics Shares Drop as LKFT Gets Reevaluated
Lakefront Biotherapeutics NV shares dropped 2.7% to 23.80 euros in Amsterdam on Monday. In New York, its Nasdaq ADRs were off 1.7% at $27.86 early in the afternoon. The Belgian biotech, which recently took the Lakefront name, has lost about 15% this year on both markets. Lakefront is still in the early days after its Galapagos rebrand. Shareholders okayed switching the name to Lakefront Biotherapeutics and adopted the new ticker LKFT. Management wants investors to now value it as a cash-heavy acquirer and builder of oncology and immunology programs, instead of focusing on the Galapagos legacy pipeline.