Tesla stock sinks toward 2 1/2-year low after China price cuts, dragging Nio, XPeng and Li down with it

Harpoon Therapeutics Inc

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Health Care : Biotechnology | Small Cap Value

Company profile

Harpoon Therapeutics, Inc. is a clinical-stage immunotherapy company. The Company is engaged in the developing a T cell engager that harness the power of the body’s immune system to treat patients suffering from cancer and other diseases. It is developing a pipeline of T cell engagers using its TriTACs, focused on the treatment of solid tumors and hematologic malignancies. It has also nominated its clinical candidate using its ProTriTAC platform, a prodrug version of its TriTAC platform, designed to expand the target space for T cell engagers and bring the benefits of TriTACs to the patients. The Company’s TriTAC product candidates include HPN328, HPN217 and HPN536. The Company’s ProTriTAC product candidate include HPN601. T cell engagers are engineered proteins that direct a patient’s own T cells to kill target cells that express specific proteins, or antigens, carried by the target cells.

Tesla stock sinks toward 2 1/2-year low after China price cuts, dragging Nio, XPeng and Li down with it

6:26 am ET January 6, 2023 (MarketWatch) Print

Shares of Tesla Inc. (TSLA) took a dive in premarket trading Friday, after the electric vehicle maker cut prices in China again, which also weighed heavily on rival China-based EV makers. Tesla's stock fell 5.1% ahead of the open, putting them on track to open at the lowest price seen since August 2020. The selloff comes even as futures for the S&P 500 gained 0.1%. Through Thursday, it has already shed 10.4% start 2023, after plunging a yearly record 65.0% in 2022. Tesla generated 24% of its total third-quarter revenue from China, and the company's Shanghai factory produces more than half of the EVs sold worldwide. Among Tesla's China-based rivals, shares of Nio Inc. (NIO) slumped 6.5%, XPeng Inc. (XPEV) tumbled 10.0% and Li Auto Inc. (LI) slid 6.9%.

-Tomi Kilgore

(END) Dow Jones Newswires

January 06, 2023 06:26 ET (11:26 GMT)