Why did Turning Point Therapeutics Inc. (TPTX) stock perform well in the after-hours on Thursday?

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CEI Stock
CEI Stock

Turning Point Therapeutics Inc. (TPTX) shares soared 5.52% in after-hours on Thursday, December 23, 2021, and closed the daily trading at $52.55. However, in the regular trading session of Thursday, TPTX’s stock lost 1.64%. TPTX shares have fallen 61.86% over the last 12 months, and they have moved up 25.35% in the past week. Over the past three months, the stock has lost 33.13%, while over the past six months, it has declined 38.06%.

Let’s discuss its recent news and developments.


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TPTX regulatory updates

On December 20, 2021, Turning Point Therapeutics, Inc. (TPTX) announced regulatory updates for its lead drug candidate, repotrectinib, a ROS1/TRK Inhibitor, and for elzovantinib (TPX-0022), its drug candidate targeting MET, CSF1R, and SRC.

The company participated in a Type B meeting with the FDA to discuss potential next steps for repotrectinib in NTRK-positive TKI-pretreated advanced solid tumor patients treated within expansion cohort 6 (EXP-6) of the registrational TRIDENT-1 study after FDA granted therapy designation earlier this quarter.

TPTX participation in recent events

Turning Point Therapeutics, Inc. (TPTX) recently participated in the Jefferies London Healthcare Conference which was held on November 16, 2021, and at the Evercore ISI 4th Annual HealthCONx Conference on November 30, 2021.

The company was presented by its President and CEO Athena Countouriotis, M.D., at both events.

TPTX latest financial results

On November 09, 2021, Turning Point Therapeutics, Inc. (TPTX), announced financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • TPTX total revenue was $460,000 in Q3 2021 compared to $25,000,000 in Q3 2020.
  • Research and development expenses were $48.9 million in Q3 2021, compared to $32.2 million in the third quarter of 2020.
  • General and administrative expenses were $18.2 million in Q3 2021 compared to $11.3 million in the third quarter of 2020.
  • It suffered a net loss of $66.3 million in Q3 2021 compared to a net loss of $17.7 million for the third quarter of 2020.
  • The company ended the quarter with cash and cash equivalents and marketable securities of approximately $1.0 billion.

TPTX new appointment

On November 08, 2021, Turning Point Therapeutics, Inc. (TPTX), appointed Adam Levy, Ph.D., MBA, as senior vice president of Investor Relations and Corporate Communications.

Dr. Levy has more than 20 years of experience including a strong background in investor relations, corporate strategy, and communications. Recently he worked at Ziopharm Oncology as executive vice president of Corporate Development and Investor Relations.

Conclusion

Well, as of this writing, there is no recent news or development which could be linked with its after-hours surge on Thursday. we hope that it will commence trading on Monday with the same positive momentum.

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