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Tag: ADGI stock

  • Adagio Therapeutics Inc. (ADGI) stock Tumbles Down on CEO Resignation Plan

    On February 18, Adagio Therapeutics Inc. (ADGI) announced that its current CEO Tillman Gerngross has agreed to resign from the position. Consequently, the stock went down by a further 8.10% in the after-hours.

    ADGI stock was already in the red with a slight loss of 0.77% during the regular trading session. The stock closed the session at $6.42 while the volume remained only 1.61 million shares, just 19% of its average. Following the announcement, the stock’s downfall escalated in the after-hours as it reached a value of $5.90 per share. Thus, ADGI stock declined by 8.10% or $0.52 in the after-hours session on Friday.

    The anti-body-based solutions developer for infectious diseases, Adagio Therapeutics Inc. has a market capitalization of $714.24 million. Currently, the company has 111.25 million shares outstanding in the market. In the past five days, the stock has declined by 8.29% while losing 11.57% year to date.

    ADGI’s CEO Transition

    On Friday, the company announced that Mr. Gerngross has informed the board of his agreement to resign from the role. Moreover, the board has decided to appoint Mr. David Hering as the Interim Chief Executive Officer. Mr. Hering has served the company as Chief Operating Officer. He comes with over 25 years of experience in the industry with some of the top pharmaceutical companies. Before joining ADGI, as the president, North America of Pfizer, he led and launched Pfizer’s Covid-19 vaccine.

    Thus, Dr. Gerngross has agreed for transferring his duties as CEO to Mr. Hering.

    Company News

    On January 13, the company participated in the 40th Annual J.P. Morgan Healthcare Conference. Mr. Gerngross presented at the conference at 7:30 a.m. EST.

    On January 12, the company summarized recent findings related to its lead monoclonal antibody, ADG20. As per the findings, ADG20 retains activity against SARS-CoV-2 variants Alpha, Beta, Delta, and Gamma. Moreover, it also retains neutralizing activity against the Lambda, Mu, and Delta plus variants. In comparison to these, ADG20 has reduced potency against the Omicron variant but does how neutralizing activity against it.

    Additionally, the company is exploring various strategies for tackling Omicron including improving ADG20’s binding. ADGI is also evaluating numerous mAbs against the variant.

    Conclusion

    After less than two years of the company being founded, Mr. Gerngross decided over his resignation from the company. This news was not taken very favorably by the investors as the shares of the company’s stock continued to decline after the news was shared.

  • Developments & Plan Against Omicron: Adagio Therapeutics Inc. (ADGI) Surges After Hours

    Developments & Plan Against Omicron: Adagio Therapeutics Inc. (ADGI) Surges After Hours

    On January 12, Adagio Therapeutics Inc. (ADGI) provided highlights of its ADG20’s neutralizing activity against SARS-CoV2 variants. Along with this, the company also shared its initiatives for addressing the Omicron variant. Consequently, the stock became bullish after hours and surged by 25.39%.

    During the regular trading session, ADGI stock lost 3.16% at its closing price of $5.83 with 4.42 million shares exchanging. Following the news, the stock reached up to $7.31 at an after-hours volume of 2.63 million shares.

    Currently, the company has a market capitalization of $669.73 million with its 111.25 million shares outstanding.

    ADGI’s ADG20

    The company has been conducting a Phase 2/3 clinical trial of ADG20 for the prevention and treatment of Covid-19. ADG20 is the company’s lead monoclonal antibody that targets the spike protein of SARS-CoV-2 and related coronaviruses. Further, ADGI is working with the FDA for the protocol updates of the study that includes dose escalation for its potential against the Omicron variant.

    On Wednesday, the company announced the neutralizing activity of ADG20 against SARS-CoV-2 and its variants. Moreover, according to recently publish studies, ADG20 is one of the only few mABs that showed neutralizing activity against Omicron (with EUA or in late-stage clinical development).

    Previously, ADG20 had also demonstrated retention of activity against Alpha, Beta, Delta, and Gamma variants. Also, ADG20 retained neutralizing activity against Lambda, Mu, and Delta plus variants, in preclinical studies.

    Initiatives to Address Omicron

    The company is undertaking various steps and initiatives for addressing the omicron variant. These include:

    • ADG20’s dose-escalation discussions with the FDA for potential treatment and prevention of Omicron.
    • Utilizing exclusive partnership with Adimab LLC for potentially improving ADG20’s binding to Omicron.
    • Evaluating hundreds of mABs for neutralization potency against Omicron, from its proprietary library.
    • Preliminary findings from the research are expected in the first quarter of 2022.

    ADGI’s Upcoming Presentation

    On January 13, the company’s CEO, Tillman Gerngross will present at the 40th Annual J.P. Morgan Healthcare Conference at 7:30 am ET.

    ADGI’s Financials

    On November 15, the company declared its financial results for the third quarter of 2021.

    According to the results, ADGI incurred Research & Development expenses of $49.4 million in the third quarter of 2021.

    Furthermore, the Selling, General & Administrative expenses were $11.1 million in Q3 of 2021.

    In addition, the net loss reported was $60.4 million or $0.98 per share in the third quarter of 2021.