Home Financial Markets Stealth BioTherapeutics Corp (MITO) stock plummeted on Friday but why?

Stealth BioTherapeutics Corp (MITO) stock plummeted on Friday but why?

Stealth BioTherapeutics Corp (MITO) shares sank 5.92% to trade at $1.43 in after-market on Friday, May 7, 2021. Earlier, MITO’s stock lost 6.17% to close Friday’s normal trading session at $1.52. MITO shares have fallen 8.43% over the last 12 months, and they have moved up 27.73% in the past week. Over the past three months, the stock has lost 12.14%, while over the past six months, it has added 9.35%.

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Let’s check out MITO recent news.

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Data presentation of Elamipretide in dry age-related macular degeneration

On May 5, 2021, Stealth BioTherapeuticspresented new data at the 2021 Association for Research in Vision and Ophthalmology (ARVO) Virtual Annual Meeting, from a post hoc analysis of Phase 1 ReCLAIM study evaluating elamipretide in patients with non-central geographic atrophy (GA) and high-risk drusen associated with dry age-related macular degeneration (AMD).

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The data showed an improvement from baseline in low light visual acuity (LLVA), in the patients with GA treated with elamipretide for 24-weeks.

Participation in the recent conferences

Reenie McCarthy, CEO of Stealth BioTherapeutics Corp gave the keynote presentation at the Mitochondria-Targeted Drug Development Digital Summit which held on Wednesday, April 28, 2021.

The company also participated virtually in Oppenheimer’s 31st Annual Healthcare Conference which held on Wednesday, March 17, 2021, and at H.C. Wainwright Global Life Sciences Conference which held on Tuesday, March 9, 2021.

Reenie McCarthy, CEO of Stealth BioTherapeutics Corp presented the company in both above-mentioned conferences.

Recent financial results

On April 6, 2021, Stealth BioTherapeutics released financial results for the year ended December 31, 2020.

FY 2020 highlights

  • The company generated no revenue in FY 2020 compared to $21.1 million of revenue in 2019.
  • Research and Development expenses were $29.3 million for FY 2020, compared to $44.6 million for the year ended December 31, 2019.
  • General and Administrative expenses were $19.4 million for the reported year compared to $22.3 million for FY2019.
  • On December 31, 2021, Stealth BioTherapeutics had cash and cash equivalents of $32.8 million compared to $50.8 million on December 31, 2019.
  • MITO suffered an operating loss of approximately $ 48.7 million in FY 2020 compared to $45.8 million in 2019
  • Net loss attributable to ordinary shareholders was $57.46 million or $0.10 per basic and diluted share in 2020 compared to $71.73 million or $0.19 per basic and diluted share in 2019. 

New chief research & development officer

On March 16, 2021, Stealth BioTherapeutics promoted Marty Redmon, PhD, Executive Vice President, Discovery, Development, and Tech Ops, to the role of Chief Research & Development Officer.

Announcing pricing of registered direct offering of American depositary shares

On February 10, 2021, Stealth BioTherapeutics Corp entered into definitive agreements with healthcare-focused institutional investors for the purchase and sale of 2,339,000 American Depositary Shares (ADSs), each representing 12 ordinary shares of Stealth, at a purchase price of $2.00 per ADS in a registered direct offering.

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Conclusion

Well, as of this writing we are unaware of any recent development which could be the reason behind MITO stock sinking on Friday. it is hard to predict how MITO will start the new week.

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