Stealth BioTherapeutics Corp (MITO) stock skyrocketing in premarket, here’s why?

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Stealth BioTherapeutics Corp (MITO) share price surged 22.22% to $1.65 in pre-market today. On Tuesday, MITO’s stock surged 3.05%. MITO shares have fallen 13.18% over the last 12 months, and they have moved up 0.75% in the past week. Over the past three months, the stock has lost 13.46%, while over the past six months, it has declined 25.41%.

Let’s see what are the recent news about the company?

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MITO upcoming events

On September 14, 2021, the multiple abstracts of Stealth BioTherapeutics Corp (MITO) were accepted for presentation at several leading ophthalmic conferences this fall. These abstracts feature novel clinical findings from the positive ReCLAIM trial, which evaluated elamipretide in patients with dry age-related macular degeneration, as well as clinical updates from the ongoing ReCLAIM-2 study in patients with extrafoveal.

The company will participate in the following upcoming conferences

  • EURETINA 2021 Virtual Congress is scheduled for September 9-12, 2021.
  • Annual Scientific Session of The Retina Society, to be held on September 29-October 2, 2021.
  • H.C. Wainwright 23rd Annual Global Investment Conference. on Monday, September 13 at 7:00 a.m. ET.
  • Cantor Global Healthcare Conference, which is on Thursday, September 30 at 11:20 a.m. ET.
  • American Society of Retina Specialist (ASRS) Annual Scientific Meeting will be held on October 8-12, 2021.
  • American Academy of Ophthalmology (AAO) 2021 which is scheduled on November 12-15, 2021.

MITO new drug application for Elamipretide

On August 24, 2021, Stealth BioTherapeutics Corp (MITO) submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for elamipretide, which is the company’s lead product candidate, for the treatment of Barth syndrome, an ultra-rare genetic condition with no FDA- or EMA-approved therapies.

MITO Strengthened its IP Portfolio

On August 23, 2021, Stealth BioTherapeutics Corp (MITO) announced that the United States Patent and Trademark Office has issued patents for Stealth’s lead product candidate, elamipretide, in the U.S. covering the treatment of Barth syndrome and Barth syndrome-related cardiomyopathy until February 2034.

MITO recent financial results announcement

On August 5, 2021, Stealth BioTherapeutics Corp (MITO) reported financial results for the three months ended June 30, 2021.

Q2 2021 financial highlights

  • In Q2 2021, MITO research and development expenses were $5.9 million compared to $7.4 million for the same period in 2020.
  • General and administrative expenses were $5.1 million in Q2 2021 compared to $4.5 million for the same period in 2020.
  • It suffered a net loss of $18.4 million, or $0.03basic and diluted net loss per ordinary share in Q2 2021 compared to a net loss of $12.4 million, or $0.02 basic and diluted net loss per ordinary share in Q2 2020.
  • As of June 30, 2021, the company had cash and cash equivalents of $30.8 million compared to $32.8 million on December 31, 2020.

Conclusion

The recent approval of several abstracts for the presentations at the upcoming conferences could be the reason behind its minor gains on Tuesday.

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