Why Avalo Therapeutics Inc. (AVTX) stock plummeted on Thursday?

Avalo Therapeutics Inc. shares remained unchanged in the after-hours trading on Thursday, January 06, 2021, and closed the daily trading trade at $1.21. However, in the regular trading session of Thursday, AVTX’s stock plummeted 31.25%. The stock volume remained 2.62 million shares. AVTX shares have fallen 58.42% over the last 12 months, and they have moved down 27.54% in the past week. Over the past three months, the stock has lost 43.98%, while over the past six months, it has declined 62.88%.

Let’s have a brief look at its recent news.

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AVTX-002 positive results

On January 06, 2022, Avalo Therapeutics, Inc. provided program updates and key highlights of the AVTX-002 Phase 1b Crohn’s Disease (CD) clinical trial.

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The clinical trial evaluated the safety, tolerability, pharmacokinetics, and short-term efficacy of AVTX-002 in adults with moderate to severe, active CD who have previously failed anti-tumor necrosis factor-alpha (anti-TNFα) treatment. The study evaluated two different doses of AVTX-002 (1.0 mg/kg and 3.0 mg/kg) in which all subjects received a total of four doses of AVTX-002 by subcutaneous (SQ) injection at 14-day intervals and underwent colonoscopies at baseline and again at eight weeks. Avalo continues to evaluate the biomarker data from this study.

AVTX virtual investor day

On January 06, 2022, Avalo Therapeutics, Inc. hosted virtual investor day and provided a comprehensive update on the Company’s growth opportunities and mid-stage development portfolio.

The company provided a comprehensive Update for the AVTX-007 development program for multiple myeloma and adult-onset Still’s disease and for the AVTX-803 development program for leukocyte adhesion deficiency type II (LAD-II).

AVTX new Board members

On December 06, 2021, Avalo Therapeutics, Inc. (AVTX), appointed Dr. June Almenoff, and Mitchell Chan, effective as independent members of its Board of Directors. These two new independent directors replaced Dr. Suzanne Bruhn and Philip Gutry.

AVTX latest financial results

On November 09, 2021, Avalo Therapeutics, Inc. (AVTX), reported third-quarter 2021 financial results which ended on September 30, 2021.

Q3 2021 financial highlights

  • Avalo reported total revenue of $1.35 million for the third quarter of 2021 compared to $1.1 million in Q3 2020.
  • Total operating expenses were $17.8 million in Q3 2021 compared to $14.4 million in Q3 2020.
  • It suffered a net loss of $17.4 million or net loss per share of $0.17 in Q3 2021 compared to a net loss of $13.46 million or net loss per share of $0.16 in Q3 2020.
  • The company ended the third quarter of 2021 with $71.5 million in cash and cash equivalents, compared to December 31, 2020.

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The company hosted investor day yesterday and provide some positive news but still, its stock price went down in the regular trading on Thursday. We can expect it to bounce back in the coming trading sessions on Friday.

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