Iterum Therapeutics plc (ITRM) was trading higher Tuesday morning as it joins the group of stocks gaining popularity thanks to Reddit and other social media networks. Ra Capital Management reportedly disclosed ownership of 13,730,376 shares of Iterum Therapeutics plc by filing a 13G form with the Securities and Exchange Commission. These shares represent 10.6 percent of ownership in the company.
Iterum Therapeutics plc announced earlier this month that it would increase an already announced bought deal public offering of ordinary shares by $40.0 million.
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Unless shareholders have been completely blind, they probably noticed that the President of Iterum Therapeutics plc, Corey Fishman, recently sold $188,000 worth of stock at $1.73 per share. We raise an eyebrow by considering that the sale was 21% of the company’s holding.
Within the last month, shares are up almost 30% and, for the past three months, by much more than 200%. This amazing performance is attributed to the company’s efforts to treat drug-resistant pathogens. This includes the Phase 3 trial for oral and intravenous preparations of sulopnem, which is currently underway.ITRM has obtained Qualified Infectious Disease Product designations and Fast Track designations for seven indications surrounding sulopenem.
There may not be a direct correlation between Iterum Therapeutics and Covid-19 like with some other biotech stocks, but it does tie into the larger biotech market. The recent increase in momentum in biotech penny stocks is one reason why they enjoyed such success in the past six months. Additionally, a large amount of capital flows into these sectors, which promotes research and development and potential for drug commercialization. In the coming years, Iterum will have to decide whether to commercialize the oral or intravenous formulation of sulopenem.