Home Equities Score Here is why Y-mAbs Therapeutics Inc (YMAB) stock jumped in the after-hours...

Here is why Y-mAbs Therapeutics Inc (YMAB) stock jumped in the after-hours after the recent announcement

Y-mAbs Therapeutics Inc. (YMAB) shares jumped 10.01% to trade at $36.91 in the after-market on Wednesday, May 19, 2021. Earlier, YMAB’s stock lost 1.81% to close Wednesday’s session at $33.55. YMAB shares have fallen 12.86% over the last 12 months, and they have moved up  7.19% in the past week. Over the past three months, the stock has declined 21.48%, while over the past six months, it has shed 26.49%.

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Let’s see what’s happening with YMAB

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Exclusive distribution agreement with Adium Pharma S.A.

On May 19, 2021, Y-mAbs Therapeutics, Inc entered into an exclusive distribution agreement with Adium Pharma S.A. (Adium) to be the exclusive distributor in Latin America of the Company’s antibodies, DANYELZA.

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DANYELZA (naxitamab-gqgk) 40mg/10mL was approved by the U.S. Food and Drug Administration (“FDA”) on November 25, 2020, and it is used for the treatment of pediatric patients 1 year of age and older and adult patients with relapsed or refractory high-risk neuroblastoma in the bone or bone marrow who have demonstrated a partial response, minor response, or stable disease to prior therapy.

Update on SADA technology

Nai-Kong V. Cheung, MD, Ph.D., Enid A. Haupt Endowed Chair, Pediatric Oncology, Memorial Sloan Kettering Cancer Center presented a research update on the Company’s SADA technology platform at PEGS Boston Virtual Conference which held on May 13, 2021, at 1:20 p.m. Eastern Time. The SADA technology was licensed by the Company from MSK and the Massachusetts Institute of Technology (MIT).

Recent financial results announcement

On May 06, 2021, Y-mAbs Therapeutics, Inc released its financial results for the first quarter of 2021.

Q1 2021 financial highlights

  • Net income was $33.4 million, or $0.80 per basic share or $0.75 per diluted share, for the quarter ended March 31, 2021, compared to a net loss of $26.2 million, or ($0.66) per basic and diluted share for the quarter ended March 31, 2020.
  • Y-mAbs reported net revenues of $5.4 million for Q1 2021. No revenues were earned in Q1 2020.
  • Research and development expenses were $21.6 million in Q1 2021 compared to $18.6 million in Q1 2020.
  • Selling, general, and administrative expenses were $12.0 million for the three months ended March 31, 2021, compared to $8.1 million for the three months ended March 31, 2020
  • As of March 31, 2021, Y-mAbs had approximately $252.3 million in cash and cash equivalents. 

Poster presentations at American Society of Clinical Oncology annual meeting

On April 29, 2021, Y-mAbs Therapeutics, Inc said that the company’s two poster presentations have been accepted for DANYELZA and omburtamab

at the American Society of Clinical Oncology (ASCO) Virtual Annual Meeting, which will take place virtually from June 4, 2021, to June 8, 2021.

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Conclusion

The distribution agreement announcement could be the reason behind its gains in the after-hours on Wednesday. So can expect it to continue its positive momentum in the coming days as well.

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