Home Trending Stocks Adamis Pharmaceuticals Corp (ADMP) stock skyrocketed on Thursday but Why?

Adamis Pharmaceuticals Corp (ADMP) stock skyrocketed on Thursday but Why?

Adamis Pharmaceuticals Corporation (ADMP) shares gained 61.43% in the morning session on Thursday, June 3, 2021, and close the session at $1.13 per share. ADMP stock continued its rally in the after-market session and further gain 1.77% to close at $1.15 per share. ADMP shares have soared 123.67% over the last 12 months, and they have moved up 66.89% in the past week. Over the past three months, the stock has gained 25.00%, while over the past six months, it has surged 113.97%.

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Let’s check out its recent news and developments.

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Recent business updates

On June 01, 2021, Adamis Pharmaceuticals Corporation provided an important business update.

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SYMJEPI® (epinephrine) Injection update

The company said that both SYMJEPI products are now available at a discounted price of $99.99 per two-pack through the Walgreens Prescription Savings Club.

The Adamisnew commercial partner, US WorldMeds, is making exceptional gains in the epinephrine market.

After transitioning the product from SandozSYMJEPI unit sales have increased approximately 90% for the five months from December 2020 through April 2021 compared to the same five-month period of the prior year.

ZIMHI (naloxone) Injection update

Adamis resubmitted its NDA for ZIMHI to the FDA in May and is currently awaiting an agency response and a new action date.

Targeted Milestones

The company is looking to

  • start patient enrollment into a Phase 2/3 clinical trial of Tempol in COVID-19 patients.
  • Adamis set a target to increase sales of SYMJEPI
  • Approval and commercial launch of ZIMHI is targeted for FY 2021.

Update on Q1 2021 financial results conference call

On May 17, 2021, Adamis Pharmaceuticals Corporation announced to postponed its previously announced investor conference call scheduled to be held on Monday, May 17, 2021. The company hasn’t announced a new date yet for the financial results announcement.

FY 2020 financial results announcement

On April 15, 2021, Adamis Pharmaceuticals Corporation released its financial results for the year ended December 31, 2020.

FY-2020 financial highlights

Adamis Pharmaceuticals reported revenue of $16.5 million for FY 2020 compared to $22.1 million for FY 2019.

Selling, general and administrative expenses were approximately $30.6 million for the years ending December 31, 2020, compared to $25.3 million for FY 2019.

Research and development expenses were approximately $8.3 million for FY 2020 compared to $10.4 million for FY 2019.

As of December 31, 2020, the company had cash and equivalents totalled $6.9 million.

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Conclusion

Well, as of this writing, there is no latest news in the past 2 days but the recent business update could be the reason behind its exceptional surge on Thursday.

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