Home Trending Stocks Here is why Stealth BioTherapeutics Corp (MITO) stock rallied on Tuesday?

Here is why Stealth BioTherapeutics Corp (MITO) stock rallied on Tuesday?

Stealth BioTherapeutics Corp (MITO) shares soared 28.97% in after-market on Tuesday, June 1, 2021, and close the day at $1.87 per share. in the morning session on Tuesday, MITO’s stock gained 5.84%. MITO shares have fallen 26.40% over the last 12 months, and they have moved up 9.85% in the past week. Over the past three months, the stock has lost 13.17%, while over the past six months, it has added 10.69%.

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Orphan drug designation for Elamipretide

On June 1, 2021, European Medicines Agency (EMA) granted orphan drug designation (ODD) for elamipretide, which is used for the treatment of Barth syndrome, an ultra-rare genetic condition.

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Participation in the recent health conference

Stealth BioTherapeutics Corp participated virtually in Jefferies Healthcare Conference which held on Tuesday, June 1, 2021, at 3:00 p.m. ET.

 Recent financial results

On May 18, 2021, Stealth BioTherapeutics Corp announced its financial results for the quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Research and Development (R&D)expenses were $6.1 million in Q1 2021, compared to $9.8 million in Q1 2020.
  • General and Administrative (G&A) expenses were $5.0 million for the reported quarter, compared to $5.2 million for the same period in 2020.
  • As of March 31, 2021, the company had cash and cash equivalents totalled $32.1 million compared to $32.8 million on December 31, 2020
  • Stealth BioTherapeutics suffered a net loss of $7.7 million, or $0.01basic, and diluted net loss per ordinary share in Q1 2021 compared to$15.5 million, or $0.04 basic and diluted net loss per ordinary share in Q1 2020. 

Additional payment agreement for elamipretide development 

On May 17, 2021, Stealth BioTherapeutics Corp signed an agreement with Morningside Ventures for Morningside to provide $30 million of additional payments to the Company during 2021 under its existing Development Funding Agreement. The payments will be paid to the Company in three installments. The payment will be used for the Phase 3 clinical trial evaluating elamipretide in patients with nPMD. 

Participation in the ACC meeting

Stealth BioTherapeutics Corp did the poster presentation at the 2021 American College of Cardiology (ACC) meeting which held virtually from May 15-17, 2021.

Data presentation of Elamipretide in dry age-related macular degeneration

On May 5, 2021, Stealth BioTherapeutics presented 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).

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

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Conclusion

The Orphan drug designation granted by the European Medicines Agency for Elamipretide is the reason behind its soaring price on Tuesday and MITO stock can continue its streak in the coming days as well.

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