Why XORTX Therapeutics Inc. (XRTX) stock soared on Wednesday?

XORTX Therapeutics Inc. (XRTX) shares surged 15.54% in after-hours on Wednesday, December 29, 2021, and closed the daily trading at $2.23. Even in the regular trading session, XRTX’s stock gained 7.22%. XRTX shares have fallen 19.66% over the last 12 months, and they have moved down 1.53% in the past week. Over the past three months, the stock has lost 54.69%, while over the past six months, it has jumped 7.94%.

Let’s discuss its recent news and developments.

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XRTX special meeting results

On December 21, 2021, XORTX Therapeutics Inc. (XRTX) announced the results of the Company’s 2021 Annual and Special Meeting of Shareholders. A total of 4,990,819 common shares of the Company were voted at the Meeting, representing approximately 38% of the total number of issued and outstanding shares. the shareholders approved all the resolutions.

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All six director nominees, Dr. Allen Davidoff, William Farley, Ian Klassen, Jacqueline Le Saux, Raymond Pratt, and Paul Van Damme, were elected as directors of the Company.

Smythe LLP as auditors of the Company was re-appointed by the shareholders and the Company’s 10% rolling stock option plan was also approved.

Provision Patent for Polycystic Kidney Disease

On December 21, 2021, XORTX Therapeutics Inc. (XRTX), filed a provisional patent based upon recent discoveries specific to polycystic kidney disease. The provisional patent is entitled “Compositions and Methods for Diagnosis, Treatment of and Prevention of Kidney Disease”.

The patent application contains claims to new methods of diagnosing aberrant purine metabolism in polycystic kidney disease, compositions, and formulations of agents capable of modulating aberrant purine metabolism in the kidney.

XRTX published Study of Hospitalized COVID-19 Patients

On December 10, 2021, XORTX Therapeutics Inc. (XRTX), published and highlighted the peer-reviewed paper entitled “Prevalence and Outcomes Associated with Hyperuricemia in Hospitalized Patients with COVID-19” in the American Journal of Nephrology.

The study was conducted by the Icahn School of Medicine at Mount Sinai in partnership with XORTX and focused on the clinical outcomes of 834 patients with COVID-19 infection who were hospitalized at Mount Sinai Hospital in New York City. Approximately 60% sever sick patients developed acute kidney injury (AKI) and 31.7% died in hospital.

XRTX new appointment

On December 02, 2021, XORTX Therapeutics Inc. (XRTX) appointed Altasciences as a contract research organization (CRO) for its planned Bridging pharmacokinetic study in support of the XRx-008 program for autosomal dominant polycystic kidney disease (ADPKD) and XRx-101 for acute kidney injury associated with Coronavirus infection.

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Well, as of this writing, there is no recent news or development which could be linked with its top-notch performance on Wednesday. we hope that it will continue to flourish on Thursday as well.

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