Home Top Movers Why iTeos Therapeutics Inc. (ITOS) stock performed well on Wednesday?

Why iTeos Therapeutics Inc. (ITOS) stock performed well on Wednesday?

iTeos Therapeutics Inc. (ITOS) shares surged 4.36% in after-hours on Wednesday, June 23, 2021, and closed the day at $24.20 per share. Earlier, ITOS’s stock gained 1.84% to close Wednesday’s session at $23.19 per share. ITOS shares down 10.91% in the past week. Over the past three months, the stock has lost 24.85%, while over the past six months, it has declined 29.96%.

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Let’s discuss its news and developments briefly.


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Insider purchase of iTeos Therapeutics shares

On June 17, 2021, news came to the market that Chief Financial Officer, Matthew Gall, recently paid US$26.09 per share to buy US$130k worth of the stock which is the biggest insider purchase of iTeos Therapeutics shares that we’ve seen in the last year.

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iTeos Therapeutics and GSK collaboration for cancer drug

On June 14, 2021, iTeos Therapeutics and GlaxoSmithKline signed an agreement to co-develop and co-commercialize EOS-448, which is an anti-TIGIT monoclonal antibody currently in phase I development as a potential treatment for patients with cancer.

According to the deal, GlaxoSmithKline Plc will pay U.S. company iTeos Therapeutics Inc. as much as $2.1 billion to develop a potential immune therapy as the British drugmaker rebuilds its pipeline of cancer drugs.

Participation in the recent healthcare conferences

A corporate presentation was done at the Citi European Healthcare Conference which held on June 15-16, 2021.

The company did a poster presentation at the ASCO Annual Meeting, which held on June 4-8, 2021.

iTeos Therapeutics recently participated at the Jefferies Virtual Healthcare Conference which held on Wednesday, June 2, 2021. The company was presented by President and Chief Executive Officer Michel Detheux.

Recent financial results

On May 13, 2021, iTeos Therapeutics, Inc released its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Research and development expenses were $11.6 million for the quarter ended March 31, 2021, compared to $5.8 million for Q1 2020.
  • General and administrative expenses were $7.0 million for Q1 2021 compared to $2.4 million for the same quarter of 2020.
  • The company reported a net loss of $13.5 million, or a net loss of $0.39 per basic and diluted share in Q1 2021 compared to 6.5 million, or a net loss of $25.53 per basic and diluted share in Q1 2020.
  • As of March 31, 2021, the company had cash and cash equivalents of $321.4 million compared to $147.7 million as of March 31, 2020.

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Conclusion

The only recent news is the inside share purchasing by Company’s CFO which may or may not be the reason behind its positive performance on Wednesday.

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