Home Equities Score Here is why Esperion Therapeutics Inc (ESPR) stock plummeted on Tuesday?

Here is why Esperion Therapeutics Inc (ESPR) stock plummeted on Tuesday?

Esperion Therapeutics Inc (ESPR) stock had a bad Tuesday. ESPR shares declined 4.16% in the normal trading session on May 4, 2021, and later the shares further sink 20.67% in the after-market session to close the day at $20.30 per share.

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ESPR shares have plunged 35.02% over the last 12 months, and they have moved down 6.78% in the past week. Over the past three months, the stock has lost 25.82%, while over the past six months, it has shed 14.61%.


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Let’s have a look at recent news.

Financial results announcement

On May 04, 2021, ESPERION released its financial results for the first quarter ended March 31, 2021, and provided a business update.

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Q1 2021 financial highlights

  • Esperion Therapeutics earned a total revenue of $8.0 million in the first quarter ended March 31, 2021, compared to $1.8 million for the first quarter of 2020.
  • Q1 2021 research and development expenses were $28.0 million compared to $34.7 million in Q1 2020.
  • Selling, general and administrative expenses were $61.1 million for Q1 2021, compared to $41.6 million for the comparable period in 2020.
  • ESPERION suffered a net loss of $90.9 million in Q1 2021, compared to a net loss of $78.2 million in Q1 2020.
  • ESPERION had cash, cash equivalents and investment securities available for sale totaled $217.9 million on March 31, 2021, compared with $305.0 million on December 31, 2020. 

Inducement Grants

On April 23, 2021, the compensation committee of Esperion’s board of directors granted 21 new employees 50,991 restricted stock units (RSUs) under Esperion’s 2017 Inducement Equity Incentive Plan.

NEXLETOL baseline characteristics publication in American Heart Journal

On April 27, 2021, Esperion published the key design paper outlining the baseline characteristics of the enrolled patient population, rationale, and design of the CLEAR Outcomes trial evaluating NEXLETOL® (bempedoic acid) Tablet in patients with documented statin intolerance, the first and only cardiovascular outcomes trial (CVOT) to exclusively study this patient population at high risk of cardiovascular disease (CVD), in the May 2021 issue of the American Heart Journal. 

Funding from Oberland Capital

On April 26, 2021, Esperion Therapeutics received the third and final installment of funding from an investor group led by Oberland Capital Management LLC.

Esperion Therapeutics has now received a total of $50 million.

Partnership with Daiichi Sankyo Group

On April 26, 2021, Esperion Therapeutics entered into a licensing agreement with Daiichi Sankyo company limited which will provide exclusive rights to Daiichi Sankyo, to commercialize bempedoic acid and the bempedoic acid/ezetimibe combination tablet in additional countries around the world.

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Conclusion

The ESPR stock went down on Tuesday because of poor financial results announced by the company it missed the revenue estimates and report a loss as well which took its stock down. ESPR can face more negativity on Wednesday.

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