What happened

Shares of German immuno-oncology company Affimed Therapeutics (AFMD -0.19%) were down a little more than 15% on Thursday afternoon. The clinical-stage biotech's stock closed at $2.45 on Wednesday before opening at $2.37 on Thursday. It fell to $2.0801, the stock's 52-week low, in the midafternoon. The stock's 52-week high is $7.35, and it's down more than 61% so far this year.

So what

There was no big news from the biotech company, but clinical-stage biotechs are considered riskier stocks than most, and with the markets dropping in general on Thursday, Affimed's shares took a hit.

Affimed reported earnings on Tuesday, so that news might have been fresh on investors' minds as well. It reported collaboration revenue of $15.41 million in the quarter, up from $9 in the same quarter a year ago. The company reported a loss of $16.6 million in the quarter, compared to $17.68 million in the third quarter of 2021 and an earnings per share loss of $0.11 compared to an EPS loss of $0.14 in the third quarter of 2021.

Now what

Investors are waiting to hear next month how two clinical trials are faring for one of the company's lead therapies in AFM13. The drug is an innate cell engager, basically an antibody that can connect natural killer cells to tumors.

AFM13 is in a phase 2 trial to treat relapsed and refractory peripheral T-cell lymphoma. It also is in a phase 1 trial to treat refractory and relapsed Hodgkin and non-Hodgkin's lymphomas. The company is optimistic about the therapy. In September, Affimed requested a pre-Investigational New Drug application meeting with the Food and Drug Administration and could hear back from the agency as early as the first quarter of 2023.