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Avenue Therapeutics, Inc. (ATXI) Stock Plummeting in Premarket, Here’s the Reason

Avenue Therapeutics, Inc. (ATXI) is a leader in specialty biotherapeutics. The company is engaged in the development of IV tramadol which is a potential alternative to conventional opioids, for the treatment of patients in acute pain.


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The price of ATXI stock during regular trading on February 15, 2022, was $0.61 and the stock halted. At last check in the premarket on February 16, 2022, the stock price was $0.33 and it declined by 45.9%.

ATXI: Events and Happenings

On February 15, 2022, ATXI updated about the results of the joint meeting of the Drug Safety and Risk Management Advisory Committee and Anesthetic and Analgesic Drug Products Advisory Committee for the development of IV tramadol in the US market. The participants of the meeting voted ‘No’ in the majority on adequate information submission for tramadol. On February 15, 2022, ATXI informed that NASDAQ had halted the company’s common stock trading on the date of the announcement.

On December 15, 2021, ATXI announced the closure of a public offering of 1,910,100 shares of its common stock. The shares were offered to the public at a price of $1.07 per share. The net proceeds from the offering were up to $2.0 million. Additionally, the company had granted Aegis Capital Corp. an acquisition option of approximately 286,430 shares of its common stock at the price, less the underwriting discount.

On October 25, 2021, ATXI updated about the receipt of a written interim reply from the Office of New Drugs of the FDA. The notification indicated that the OND needs added input in order to reach a decision on the FDRR.

ATXI: Key Financials

On November 15, 2021, ATXI released its financial results for the three months ended September 30, 2021. Some of the key updates are stated below.

Revenue

No revenue was reported in Q3 2021 and it is in line with the analysts’ estimates.

EPS

Basic and diluted net loss per share in Q3 2021 was $0.87 million or $0.05 compared to $1.02 million or $0.06 in the same quarter of 2020. The company observed a decrease in net loss over the period of the year and its EPS were in line with the analysts’ estimates.

Conclusion

ATXI downplayed by 62% from the past six months period. In Wednesday’s premarket, the company’s stock declined likely due to the non-submission of adequate information regarding tramadol in the joint meeting. For the upcoming quarter, the company expected an EPS to be approximately -$0.05.

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