Why Alzamend Neuro Inc (ALZN) stock faced headwinds in the after-hours on Thursday?

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Alzamend Neuro Inc. (ALZN) shares declined 5.19% in after-hours on Thursday, September 30, 2021, and closed the daily trading at $2.92. However, in the regular trading session, ALZN’s stock gained 35.09%. The stock volume remained 58.6 million shares. ALZN shares have moved up 17.11% in the past week. Over the past three months, the stock has lost 59.90%. The company has a current market of $293.25 million and its outstanding shares stood at 84.59 million.

Let’s discuss its recent news and developments.


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ALZN provided an update about AL002

On September 30, 2021, Alzamend Neuro, Inc. (ALZN) received a written response to its meeting request relating to its Type B Pre‑Investigational New Drug Application from the U.S. Food and Drug Administration providing a path for Alzamend’s planned clinical development of AL002. AL002 is a patented method using a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient’s immunological system to combat Alzheimer’s.

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Alzamend is now getting ready to file the IND by the end of November 2021 and initiating the clinical trial of AL002 in the first quarter of 2022.

First-in-Human Clinical Trial for AL001

Earlier on September 13, 2021, (ALZN) announced that the first group of healthy participants have been dosed in a six-month Phase I relative bioavailability study for AL001 for dementia related to Alzheimer’s disease. The trial will determine the potential clinically safe and appropriate dosing for AL001 in future studies.

On August 17, 2021, Alzamend (ALZN) contracted Altasciences to conduct a six-month Phase I relative bioavailability study for AL001 in September 2021.

Investment in ALZN ALOO1

On August 04, 2021, Alzamend Neuro, Inc. (ALZN) announced that Digital Power Lending, LLC which is a wholly-owned subsidiary of Ault Global Holdings, Inc made an additional investment in Alzamend.

Conclusion

The recent FDA reply about AL001 was the reason behind its gains on Thursday but we have no idea why did it face negativity in the after-hours.

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About the company

Alzamend Neuro, Inc. (ALZN) is a preclinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, including Alzheimer’s disease. The company has two novel therapeutic drug candidates, AL001 which we have discussed above, and AL002 – a patented method using a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient’s immunological system to combat Alzheimer’s disease.

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