After gaining big on the BentrioTM program’s updates, Altamira Therapeutics Ltd. (CYTO) stock fell under corrections after hours. On December 29, the company provided positive updates on its BentroTM program.
During the regular session, the stock saw a huge rise at a very heavy volume of 23.14 million shares. Due to the announcement, CYTO gained 35.76% at the closing price of $2.05 on Wednesday. Following the rise, the stock fell down to $1.96 in the after-hours with a loss of 4.39%.
Currently, the company has a market capitalization of $20.6 million with its 13.64 million shares outstanding in the market.
What is happening with CYTO?
With the positive new developments in the Bentrio Program, investors flocked towards CYTO stock on Wednesday. Hence, the stock saw a hefty volume of 596% of its 65-day average of 3.88 million shares. The news pushed the stock to reach a high of $2.30 after over 40 days. Given the huge gains, the stock was bound to fall under corrections sooner or later. Hence, CYTO entered corrections in the after-hours on Wednesday, shedding its gains.
In the past five days, the stock has added a value of over 58.9% and 25,77% last month. To look at the bigger picture, CYTO has seen a loss of 21.76% year to date.
CYTO’s Recent Updates
BentrioTM is the company’s nasal spray for protection against airborne viruses and allergens including allergic rhinitis, Covid-19, and others. As per the recent updates of the program:
- CYTO has entered contracts with Germany’s wholesalers which encompasses over 50% of the country’s pharmacies.
- Bentrio is also available in Germany on the Amazon platform, adding to its online presence in the world.
- Bentrio is expected to be available in Switzerland in early January under a distribution agreement with Akos Santé.
- In mid-October, the review of its 510(k) application was initiated by the U.S. FDA.
- CYTO has entered a definitive marketing and distribution agreement with Wellesta Holdings Pte Ltd, Singapore. This agreement encompasses India, Indonesia, Malaysia, Singapore, Taiwan, and Vietnam.
- Evaluation of Bentrio’s effectiveness against the Omicron variant is under planning.
- Clinical trials of Bentrio against Covid-19 and allergies are progressing well.
Other Developments
Recently, the company announced the randomization of the first patients in two trials of Bentrio in different allergies. Firstly, the first patient group was randomized with the nasal spray in the in-house dust mite allergic rhinitis. Secondly, the randomization of the first group of patients also took place for seasonal allergic rhinitis.
