12.5 C
New York
Wednesday, June 23, 2021

Odonate Therapeutics Inc. (ODT) drowned after Tesetaxel failure

The share price of ODT slumped around 80% on Monday, March 22, 2021,  and the negative trend continuous in Tuesday`s Pre-market after the company announced to shut down its operations on Monday.


5 Stocks Under $10 That Are Poised to Take Off

Investing in stocks under $10 could significantly increase the returns on your portfolio, especially if you pick the right stocks! Within this report you will find 5 top stocks that offer investors huge upside potential and the best bang for their buck.

Add them to your watchlist before they take off!

Get the Top 5 Stocks Now!

Sponsored



FDA told the ODT that Tesetaxel isunlikely to receive FDA approval, which forced the company to discontinue the development of tesetaxel.

The news took the stock price to rock bottom and it lost almost 90% of its value in two days. As of this writing, ODT stock has lost a further 8.08% in Tuesday’s pre-market session.

the ODT went public in December 2017 at $24 per share. it went down to $11.78 per share on Dec. 27, 2018, and it climbed up to $45.63 per share on June 16, 2020, but yesterday stock closed at $3.96 per share.

What isTesetaxel:

Tesetaxel is an investigational, orally administered chemotherapy agent that belongs to a class of drugs known as taxanes, which are widely used in the treatment of cancer.

Recent Financial Results

On February 23 2021, ODT announced financial results for the three and twelve months ended December 31, 2020.

  • Odonate had $157.3 million in cash by the end of 31 December 31, 2020,compared to $180.5 million as of December 31, 2019
  • Odonate suffered a net loss of $32.3 millionor $0.87 per share for the reported quarter, compared with $27.9 million or $0.91 per share for the same quarter in 2019
  • Its net loss was $126.4 million or $3.84 per sharefor the twelve months ended December 31, 2020.

Conclusion: Clearly, the FDA results about Tesetaxel is a huge set back for the company and it will be very hard for ODT to recover itself from such a low level. The revival of ODT will take a long time.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Get Notified Of Insider Trades, Analyst Upgrades & Downgrades, Earnings Updates & Best Stocks To Trade Every Single Morning

100% free. stop anytime no spam

Get The Best Stocks To Trade Every Day!

Join now to get the Newsheater.com pre-market morning brief 100% free

We do not sell or share your information with anyone.