Home Top Movers Galera Therapeutics Inc (GRTX) stock is rallying in the premarket on Thursday...

Galera Therapeutics Inc (GRTX) stock is rallying in the premarket on Thursday but why?

Galera Therapeutics Inc (GRTX) stock has soared 44.63% in the pre-market session on Thursday, April 29, 2021, as of this writing.

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GRTX’s stock gained 1.38% to close Wednesday’s session at $6.61. GRTX shares have fallen 46.82% over the last 12 months, and they have moved up by 1.54% in the past week. Over the past three months, the stock has lost 34.75%, while over the past six months, it has shed 48.40%.


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Let’s try to find out the reason behind its pre-market surging

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Updated data of Phase 1/2 pilot trial of GC4419

On April 28, 2021, Galera Therapeutics Inc. announced updated results from its Phase 1/2 pilot trial of GC4419, versus placebo.

The trial was carried out in patients with locally advanced pancreatic cancer (LAPC) who are undergoing stereotactic body radiation therapy (SBRT). The results consist of 6 months of data of all 42 patients. All results were positive with consistency.

The Company plans to report final results during the second half of 2021.

Financial results

On March 11, 2021, Galera Therapeutics, Inc. reported its financial results for the fourth quarter and year ended December 31, 2020.

Q4 2020 highlights

  • Galera reported a net loss of $20.1 million or $0.80 per share for the fourth quarter of 2020, compared to a net loss of $16.7 million, or $1.31 per share, for the same period in 2019.
  • Research and development expenses were $14.6 million in the fourth quarter of 2020compared to $13.3 million for Q4 2019.
  • General and administrative expenses were $4.3 million in the fourth quarter of 2020, compared to $2.9 million for the same period in 2019.
  • Galera had cash, cash equivalents, and short-term investments of $72.8 million, as of December 31, 2020.

FY-2020 financial highlights

  • Galera reported a net loss of $74.2 million, or $2.98 per share, for the year ended December 31, 2020, compared to a net loss of $51.9million, or $16.31 per share, for the year ended December 31, 2019.
  • Research and development expenses were $54.8 million for FY 2020 compared to $42.3 million for FY 2019.
  • General and administrative expenses were $15.7 million for the reported year compared to $8.4 million for the year ended December 31, 2019.

Participation in the investor conferences

Galera Therapeutics recently participated in Oppenheimer 31st Annual Healthcare Conference which held on Wednesday, March 17, 2021, at 1:50 p.m. ET. Mel Sorensen, M.D., President and Chief Executive Officer, presented the company.

The company also took part in a fireside chat as part of the Piper Sandler 32nd Annual Virtual Healthcare Conference, held on December 1-3, 2020.

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Conclusion

The recent updated improved clinical trial results are the reason behind its pre-market gains and it can further rise in the coming days.

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