Scopus BioPharma Inc. (SCPS) shares plunged 8.40% in after-hours on Wednesday, August 04, 2021, and closed the daily trading at $5.56 per share. earlier in the regular trading on Wednesday, SCPS’s stock gained 29.70%. SCPS shares have moved up 28.33% in the past week. Over the past three months, the stock has lost 3.04%, while over the past six months, it has declined 35.90%. The company has a current market of $97.91 million and its outstanding shares stood at 15.34 million.
Let’s see is there any reason behind its loss on Wednesday?
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SCPS made management changes
On July 12, 2021, Scopus BioPharma Inc. (SCPS) announced a new management appointment after it acquired Olimmune Inc. Alan Horsager, PhD, President and Chief Executive of Olimmune, was appointed President of Scopus with responsibility for overseeing the development of the Company’s rapidly expanding immuno-oncology pipeline.
SCPS acquisition of Olimmune
On June 30, 2021, Scopus BioPharma Inc. (SCPS) announced the acquisition of Los Angeles-based Olimmune Inc.
Olimmune has exclusive, worldwide licenses to certain patents from the City of Hope to develop and commercialize CpG-STAT3ASO and CpG-STAT3decoy. Terms of the acquisition have not been disclosed.
SCPS rescheduled its AGM
The board of directors of Scopus BioPharma Inc. rescheduled the company’s 2021 Annual Meeting of Stockholders for October 8, 2021.
SCPS received FDA approval
On May 24, 2021, FDA approved an investigational new drug application (IND) for CpG-STAT3siRNA, which is SCPS distinctive immuno-oncology RNA therapy for the treatment of multiple cancers. A Phase 1 clinical trial for B-cell non-Hodgkin lymphoma will be initiated at the City of Hope.
The IND application was submitted on April 26, 2021.
SCPS closed the over-allotment option
On February 10, 2021, Scopus BioPharma Inc. closed the underwriters’ over-allotment option in full, bringing total follow-on public offering proceeds to $10.35 million.
About the Company
Scopus BioPharma Inc. is a clinical-stage biopharmaceutical company developing transformational therapeutics for serious diseases with significant unmet medical needs. The company’s lead drug candidate is a novel, targeted immuno-oncology RNA therapy for the treatment of multiple cancers.
As of this writing, we were unable to find any recent news or development that could justify its exceptional gain in the morning and later decline in the after-hours. We are unable to predict how SCPS stock will perform in the coming days.