On March 22, Stealth Bio Therapeutics Corp. (MITO) suffered a mild loss of 0.12% during the regular session to rebound in the after hours. The stock has been bullish since the company announced its 24th March’s upcoming data presentation on March 17.
MITO stock closed the regular trading session at a price of $0.6682 with a decline of 0.12% at an above-average volume. The stock soon resumed its bullish course in the after-hours as it rebounded to add 22.72%. Hence, MITO was trading at a value of $0.8200 per share in the after hours. The volume of the share trading in the after-hours session was 855.3K.
The clinical-stage biopharmaceutical company, Stealth Bio Therapeutics Corp. works on therapies involving mitochondrial dysfunction. Founded in 2006, the Cayman Islands-based company has a market capitalization of $38.52 million. Currently, the company has 57.58 million shares outstanding in the market.
MITO stock Movement
On March 17, the company announced details about its upcoming virtual R&D event on its lead candidate elamipretide. MITO has been on a bullish path since the news was announced. Continuing to gain for three days, the stock suffered slightly from profit booking on Tuesday during the regular session. Following this, the stock rebounded with a heavy momentum in the after-hours. Since there is no other news from the company, the stock might be gaining due to external factors along with the anticipation of the event. Social media discussions and stock sentiment might also have a role to play.
Upcoming Virtual Event
The company will be hosting a virtual R&D event on its lead candidate elamipretide for the potential treatment of GA in AMD (geographic atrophy in dry age-related muscular degeneration).
Along with an overview of the company’s pipeline, the event will also feature presentations of renowned experts in the field on elamipretide’s potential. Some of the well-known names who will present in the event include Lucian del Priore (MD, Ph.D.), David S. Boyer (MD), and Mark Fields (MPH, Ph.D.). Moreover, the event will begin at 9:00 am ET on March 24, 2022.
MITO’s Recent Financials
On November 11, 2021, the company declared its financial results for Q3 2021.
The company had a net loss of $6.3 million or $0.01 per share in the third quarter of 2021.
Furthermore, MITO ended the quarter with cash and cash equivalents of $42.3 million on September 30, 2021.
The R&D and G&A expenses were $6.7 million and $4.7 million respectively.
