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Saturday, May 28, 2022

Why did Pulmatrix Inc (PULM) stock face fluctuation on Friday?

Pulmatrix Inc (PULM) stock started Friday, April 30, 2021, in negative mode and lost 5.94% in normal trading session to close at $0.95 per share. Later, in the after-market session, PULM shares gained 6.32% and moved at $1.01 per share.


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PULM shares have plummeted 31.16% over the last 12 months, and they have declined 4.52% in the past week. Over the past three months, the stock has lost 32.62%, while over the past six months, it has shed -9.52%.

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

Pulmatrix hosted a key opinion webinar on PUR3100

Pulmatrix, Inc recently hosted a key opinion leader (KOL) webinar on Friday, April 23, 2021, presenting PUR3100.

PUR3100 is Pulmatrix’s orally inhaled dihydroergotamine (DHE) therapy for the treatment of acute migraine

Regaining full rights of PUR1800

April 12, 2021, Pulmatrix, Inc. issued a statement to clarify the confusion and to correct inadvertent typographical errors under the heading “Updated PUR1800 Program Guidance”. Earlier it stated that the company is planning to commence a PUR1800 Phase 2 proof-of-concept efficacy study for the treatment of AECOPD in 2021.

The company clarify the statement and said that the study is not expected to commence until 2022.

The correct statement was that Pulmatrix will regain full rights to its narrow spectrum kinase inhibitor (NSKI) portfolio, including PUR1800 after Johnsons & Johnson’s Enterprise Innovation, decided to terminate the Company’s license, development and commercialization agreement. 

Recent financial results announcement

On March 23, 2021, Pulmatrix, released its Q4 and full-year 2020 financial results.

FY2020 financial highlights

  • Pulmatrix revenue was $12.6 million for 2020, compared to $7.9 million for 2019.
  • FY 2020 research and development expenses were $15.6 million compared to $12.8 million in 2019.
  • General and administrative expenses were $6.9 million for 2020 compared to $8.5 million for 2019.
  • Pulmatrix suffered a net loss of $19.3 million or $0.67 per basic and diluted share for 2020 compared to $20.6 million or $1.23 per basic and diluted share in 2019.
  • Pulmatrix had $31.7 million in cash and cash equivalents on December 31, 2020, compared to $23.4 million for the year ended December 31, 2019.

Conclusion

There is no recent news about the Pulmatrix to explain its mixed performance on Friday. The company has many products in pipelines and waiting for trial results and approvals. PLUM has declined in the past 12 months and investors are waiting for some approvals which can take its stock price to new heights.

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