Why Athenex Inc. (ATNX) Stock plummeted on Friday?

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SNN Stock
SNN Stock

Athenex Inc. (ATNX) shares plummeted 5.52% in after-hours on Friday, November 26, 2021, and closed the weekly trading at $1.71. Even in the regular trading session of Friday, ATNX’s stock lost 2.16%. ATNX shares have fallen 86.79% over the last 12 months, and they have moved down 3.21% in the past week. Over the past three months, the stock has lost 50.27%, while over the past six months, it has sunk 61.41%.

Let’s see is there any recent news behind its poor performance on Friday?


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ATNX Participation in the upcoming events

  • Athenex will participate at the Evercore ISI 4th Annual HealthCONx Conference on Tuesday, November 30, 2021, at 3:55 pm ET. Johnson Lau, CEO and Board Chairman, and Daniel Lang, Senior Director, Corporate Development will present the company during the event.
  • ATNX will present an abstract at the 2021 San Antonio Breast Cancer Symposium (SABCS), to be held from December 7 to December 10, 2021. The abstract is for subgroup analysis of its Phase 3 study of oral paclitaxel and encequidar (Oral Paclitaxel) for the treatment of metastatic breast cancer.

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ATNX data presentation of KUR-502 phase 1 study

Athenex, Inc, (ATNX) will highlight the data from the ANCHOR Phase 1 study of KUR-502 in a poster presentation at the 63rd American Society of Hematology (ASH) Annual Meeting and Exposition, being held from December 11th to December 14th, 2021.

The data presentation will show that the allogeneic CD19 CAR-NKT cells are well-tolerated and can mediate objective responses in B-cell relapsed/refractory non-Hodgkin lymphoma (NHL) and acute lymphoblastic leukemia (ALL) patients even at the low doses tested.

ATNX agreement with national Cancer Institute

On November 09, 2021, Athenex (ATNX) signed a licensing agreement with the National Cancer Institute (NCI), to expand the development of T cell receptor (TCR) based allogeneic natural killer T (NKT) cell and autologous T cell therapeutic products for the treatment of human cancers.

Athenex received worldwide rights to the development, manufacturing, and commercialization of allogeneic NKT products engineered via viral and non-viral means, and autologous T cell therapy products.

ATNX latest financial results

On November 04, 2021, Athenex, Inc., (ATNX), announced its financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • ATNX reported total revenue of $32.3 million in Q3 2021 compared to $35.5 million in Q3 2020.
  • The cost of sales was $25.6 million in Q3 2021 compared to $24.5 million in Q3 2020.
  • It suffered a net loss of $36.1 million or 33 cents per diluted share for the third quarter of 2021, compared to a net loss of $36.8 million or 44 cents per diluted share, for the same period in 2020.
  • The company ended the quarter with cash and cash equivalents of $73.6 million, restricted cash of $16.5 million, and short-term investments of $14.9 million.

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Conclusion

We have no reason at all to justify its poor performance on Friday. Let’s see how it performs on Monday?

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