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

MITO Stock

MITO Stock

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

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

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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