Home Trending Stocks Why Assertio Holdings Inc (ASRT) stock is rallying on Thursday’s pre-market?

Why Assertio Holdings Inc (ASRT) stock is rallying on Thursday’s pre-market?

Assertio Holdings Inc (ASRT) stock is surging on Thursday’s pre-market. As of this writing, it has gained 25.41%. ASRT shares lost -0.54% to close Wednesday’s session at $0.52. ASRT shares have declined 42.42% over the last 12 months, and they have shed8.49% in the past week. Over the past three months, the stock has lost 15.71%, while over the past six months, it has shed 33.02%.

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Let’s try to find out the reason behind its early morning surging


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On March 11, 2021, Assertio HoldingsIncreported its financial results for the fourth quarter and full-year ended December 31, 2020.

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Q4 2020 Financial Highlight

  • For the fourth quarter of 2020, (GAAP) net product sales were 29.8 million.
  • (Non-GAAP) net product sales were 30.1 million for the fourth quarter of 2020.
  • ASRT suffered a net loss (GAAP) of 24.4 million in Q4 2020.
  • Adjusted EBITDA(Non-GAAP) was 9.4 million for the fourth quarter of 2020. 

FY 2020 Financial Highlights

  • For the year 2020, (GAAP) net product sales were 93.5 million.
  • (Non-GAAP) net product sales were 3119.2 million for FY 2020.
  • ASRT suffered a net loss (GAAP) of 28.1 million in the year 2020.
  • Adjusted EBITDA(Non-GAAP) was 22.4 million for the year 2020.

Management promotions

On March 11, 2021, Paul Schwichtenberg was promoted to Senior Vice President, Chief Financial Officer, and Ajay Patel to Senior Vice President, Chief Accounting Officer.

Participation in the investor conference

Assertio Holdingsparticipated virtually in investor meetings at the 33rd Annual Roth Conference, which held virtuallyon Monday, March 15, 2021.

Dan Peisert, President and Chief Executive Officer of Assertio presented the company at the conference.

Pricing of Registered Direct Offering

On Feb. 10, 2021, Assertio Holdings said that it has signed a purchase agreement with institutional investors to purchase 35,000,000 shares of its common stock at $0.98 per share. the offer closed on February 12, 2021, and gross proceeds of $34.3 million will be used for general corporate purposes, including general working capital. 

Nasdaq Global to Nasdaq Capital

On December 29, 2020, Assertio Holdings, Inc announced that the company’s request to transfer its listing to the Nasdaq Capital Market from the Nasdaq Global Select Market has been approved by the listing qualifications department of the Nasdaq and it took effect on Wednesday, December 30, 2020.

Conclusion

As of this writing, there are no recent developments about the company which can justify its pre-market gains. Investors or marker guru might be expecting some announcements.

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About the company

Assertio Therapeutics, Inc. is an American specialty pharmaceutical company bringing differentiated products to patients. It mainly markets products for treatment in neurology, pain and diseases of the central nervous system.

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