Home Top Movers Why Stealth BioTherapeutics Corp (MITO) stock price fluctuated on Tuesday?

Why Stealth BioTherapeutics Corp (MITO) stock price fluctuated on Tuesday?

Stealth BioTherapeutics Corp (MITO) shares were rose 6.08% in after-hours on Tuesday, July 13, 2021, and closed the trading at $1.57 per share. earlier in the morning session, MITO’s stock lost 5.13% to close Tuesday’s session at $1.48. MITO shares have fallen 20.00% over the last 12 months, and they have moved down 2.63% in the past week. Over the past three months, the stock has gained 16.54%, while over the past six months, it has shed 0.68%.

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Let’s discuss its recent news and development briefly.

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Are Better days ahead for Stealth BioTherapeutics?

According to Zacks Equity Research, Stealth BioTherapeuticsCorp has been struggling lately, but the selling pressure may be coming to an end soon. That is because MITO recently saw a Hammer Chart Pattern but wait what this term means?

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A hammer chart pattern is a technical indicator that is used in candlestick charting. The hammer appears when a stock tumbles during the day but then finds strength at some point in the session to close near or above its opening price. This forms a candlestick that resembles a hammer, and it can suggest that the market has found a low point in the stock and that better days are ahead.

Stealth Bio joined Rare Disease Company Coalition

On July 7, 2021, Stealth BioTherapeutics joined the Rare Disease Company Coalition, an alliance of life science companies committed to discovering, developing, and delivering rare disease treatments for the patients they collectively serve.

The Chief Executive Officer of StealthReenie McCarthy said that they are very excited to be a part of the first-of-its-kind Rare Disease Company Coalition, which is focused on supporting rare disease patients through the development of innovative therapeutics.He further said that he is looking forward to working with the other inspiring companies to foster a greater understanding of the unique challenges and circumstances associated with the development of rare disease treatments.

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.

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.

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The analyst thinks that good days are ahead for the MITO and it might be the reason behind its price fluctuation on Tuesday. We hope that MITO stock will stabilize in the coming days as predicted by the analysts.

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