Home Top Movers Why Stealth BioTherapeutics Corp (MITO) stock is soaring in Pre-Market today?

Why Stealth BioTherapeutics Corp (MITO) stock is soaring in Pre-Market today?

Stealth BioTherapeutics Corp (MITO) presented the data at the 2021 Association for Research in Vision and Ophthalmology (ARVO) Virtual Annual Meeting, which is collected in Phase 1 ReCLAIM study to evaluate elamipretide in patients having non-central geographic atrophy as well as high-risk drusen due to high dry age-related macular degeneration(AMD), after which the MITO stock price saw a whopping push of 97.50% to reach $2.37 a share at the time of this writing. MITO stock was red during the previous trading session and went down by 0.83% at closing.

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A brief look at Data Presented at 2021 ARVO Annual meeting:

The data presented in the ARVO meeting is based on the 24-week treatment of GA patients with elamipretide. The primary efficacy endpoint was baseline improvement in low light visual acuity (LLVA), which is satisfied by the data presented in the ARVO meeting.Furthermore , the trial also includes the baseline assessment of mitochondrial health in the ellipsoid zone (EZ) which is significantly related to the primary efficacy endpoint of the Phase 2 ReCLAIM-2 trial. The function of EZ is to support photoreceptor function.EZ imaging assessments which include included pan-macular EZ-retinal pigment endothelium cell (RPE) volume and macular percentage of EZ-RPE attenuation were done via optical coherence tomography (OCT).

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MITO stock got the Fast-Track Designation for elamipretide for patients by the  U.S Food & Drug Administration two and a half years ago in November 2018.

Financial View of MITO stock:

On April 6, 2021, Stealth stock did the announce its fiscal year 2020 financial results according to which MITO stock did not have any revenue for 2020 as compared to $21.1 million in 2019.R&D expenses for MITO stock dropped to $29.3 million in 2020 from $44.6 million in 2019. General and administrative expenses reduced to $19.4 million in 2020 from $22.3 million in 2019 and other expenses significantly reduced to just $8.8 million from $25.9 million in 2019.

As of December 31, 2020, MITO stock had cash and cash equivalents of $32.8 million while these were $50.8 million at the same date of the previous year.

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Conclusion:

The presentation of data at the 2021 ARVO annual meeting related to the evaluation of elamipretide resulted in a strong response by the investors as MITO stock surged well in the pre-market today so far. The financial results were not so much attractive by Stealth BioTherapeutics as overall development expenses were reduced that points to less growth over the year. Hence deep analysis is necessary before adding this stock to the portfolio.

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