Why Selecta Biosciences Inc. (SELB) stock performed well on Monday?

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ESLT Stock
ESLT Stock

Selecta Biosciences Inc. (SELB) shares jumped 7.44% in after-hours on Monday, December 13, 2021, and closed the daily trading at $3.32. Even in the regular trading session, SELB’s stock gained 2.66%. SELB shares have fallen 4.04% over the last 12 months, and they have moved up 4.39% in the past week. Over the past three months, the stock has lost 22.94%, while over the past six months, it has declined 38.08%.

Let’s see what are the latest developments about the company?


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SELB Independent Chairman bought shares

Recently the news hit the market on December 12 that Carrie Cox, the Independent Chairman of Selecta Biosciences, Inc. (SELB) recently shelled out US$51k to buy stock, at $2.95 per share. That purchase might not be huge but it did increase their holding by 26%.

SELB & SOBI completed DISSOLVE I enrollment

On December 01, 2021, Selecta Biosciences, Inc. (SELB) and Swedish Orphan Biovitrum AB (SOBI), completed enrollment for DISSOLVE I, the first of two clinical studies of the phase 3 DISSOLVE development program of SEL-212 for chronic refractory gout. SEL-212 is a combination of Selecta’s ImmTOR immune tolerance platform and a therapeutic uricase enzyme (pegadricase).

The President and Chief Executive Officer of Selecta Carsten Brunn, Ph.D., said that the completion of enrollment for the DISSOLVE I study of our phase 3 DISSOLVE program is an important step forward in advancing SEL-212 as a potential new, once-monthly treatment option for people suffering from chronic refractory gout.

FDA clinical hold on the clinical trial of SEL-302

On November 23, 2021, FDA placed a clinical hold on the SELB Phase 1/2 clinical trial of SEL-302 (which consists of MMA-101 plus ImmTOR) for the treatment of patients with methylmalonic acidemia (MMA).

FDA stated that additional information on the chemistry, manufacturing, and controls (CMC) related to the MMA-101 product candidate is required. There were no questions asked from the FDA. This clinical trial had not yet been initiated, and no human patients will be dosed with MMA-101 until all of the FDA’s questions are resolved.

SELB latest financial results

On November 09, 2021, Selecta Biosciences, Inc. (SELB) reported financial results for the third quarter that ended September 30, 2021.

Q3 2021 financial highlights

  • SELB reported total revenue of $24.4 million in Q3 2021, compared to $4.6 million in Q3 2020.
  • In Q3 2021, Research and development expenses were $21.0 million compared to $14.0 million in Q3 2020.
  • General and administrative expenses were $5.4 million in Q3 2021, compared with $4.4 million for the same period in 2020.
  • It suffered a net loss of $17.9 million, or net loss per share of $0.16 in Q3 2021, compared to a net loss of $9.7 million, or net loss per share of $0.09 for the same period in 2020.
  • Selecta ended Q3 2021 with cash, cash equivalents, marketable securities, and restricted cash of $140.0 million compared to $140.1 million as of December 31, 2020.

Conclusion

The only news we had is about is CEO bought Selecta stock which may or may not be the reason behind its exceptional performance on Monday. It can continue its positive performance on Tuesday as well.

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