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Tag: ATXI

  • Avenue Therapeutics Inc. (ATXI) stock Up on Rebound Energy Premarket. Why?

    Avenue Therapeutics Inc. (ATXI) stock Up on Rebound Energy Premarket. Why?

    The specialty pharmaceutical company, Avenue Therapeutics Inc. (ATXI) is rising in the premarket today on April 5, 2022. At the time of writing, the stock had increased by 13.75% while it was able to add 7.74% in yesterday’s trading. Thus, at the last check ATXI was trading at $0.5270 per share against the previous close at $0.4633.

    ATXI stock Movement

    ATXI’s March 30’s SEC filing revealed some not-so-good news for the investors. The company’s then-President and CEO, Lucy Lu resigned from her role in order to pursue other opportunities. Consequently, the company’s COO David Jin took over the role of its CEO on an interim principal basis. Therefore, following the resignation report, the stock entered a downward spiral. After losing for over two consecutive days after the news, the stock’s rebound energy lead it towards a bullish path. Hence, ATXI became bullish on Monday and has continued the momentum thus far.

    Source: Adobe stock

    It seems investors are welcoming the recent dip with open arms in order to make some gains.

    Global Specialty Pharmaceutical Market & ATXI

    Expected to reach USD 352.89 billion by 2027 from just USD 47.47 billion in 2021, the global specialty pharmaceutical market is up for some big expansion. While there is much growth expected, the market is still full of its own woes. ATXI being a member of the specialty pharmaceutical market has still much to prove and many issues to resolve.

    The company’s IV tramadol New Drug Application has been a wild play with disagreement upon failure toping each other. After having received a Complete Response Letter from FDA regarding the insufficiency of the submission to proceed with the NDA, the company continued the development of the drug. This was then followed by another letter from the FDA, disagreeing with FDA’s analysis, ATXI went on to pursue the regulatory approval for IV tramadol. Recently, the company was slapped once again with its failure as the FDA’s committees meeting responded with a majority of “no” votes to the drug.

    What Else?

    The company’s latest SEC filing declared the CEO’s resignation to have been based on no disagreement, but it came soon after the grave news of the FDA’s “no” vote. On top of that, the company is also in non-compliance with Nasdaq’s minimum market value requirement.

    Conclusion

    Despite the company’s many hurdles from CEO resignation to IV tramadol dispute to non-compliance, ATXI is bullish today. Continuing yesterday’s rebound energy, ATXI is so far making some gains in today’s premarket.

  • Shares of Avenue Therapeutics Inc. (ATXI) Continue to Surge After Hours. What’s Happening?

    On February 28, shares of Avenue Therapeutics Inc. (ATXI) continued to rise in the after-hours to add a humungous 73.58%. The stock had already increased by a good 35.96% during the prior regular session. There is no official announcement or SEC filing of the company behind the stock’s upsurge.

    Source: ASA

    In the regular session, ATXI stock fluctuated between a high of $0.3399 and a low of $0.2327. The stock closed the session at $0.3399 while 3.77 million shares exchanged hands. The day’s volume remained a huge 566% of its average 665.5K shares. ATXI’s bullish momentum escalated in the after-hours session as it reached up to $0.5900 per share. The after-hours session also witnessed an active volume of 2.71 million shares.

    The specialty pharmaceutical company, Avenue Therapeutics Inc. has a market capitalization of $5.23 million. Currently, the company has 18.99 million shares outstanding.

    What is Happening with ATXI?

    On February 15, the company announced the outcome of the FDA’s advisory committee meeting regarding IV Tramadol. The committee’s majority votes claimed insufficient adequate information for supporting the benefits of the drug, with only 8 in favor and 14 no votes. While the Office of New drugs will respond to ATXI’s FDRR (formal dispute resolution request) within 20 calendar days after the meeting, the committee’s results were not good. Thus, the stock entered a continued downtrend the following session. Consequently, the stock reached a new low of $0.20 on February 24. After falling down for more than a week, the stock finally started to recover after reaching the new low. While the stock was bound for corrections, the new low provided a good buying opportunity to the investors. Therefore, the stock continued to surge on Monday.

    Other than the low in the price of the stock, there seems no official reason for the investors’ change of heart towards the stock.

    $2.0M Public Offering

    On December 12, the company announced an underwritten public offering of 1,910,100 shares at a price of $1.07 per share to the public. Moreover, the expected gross proceeds from the offering were $2.0 million, less discounts and commissions.

    Additionally, ATXI also granted a 45-day option for buying up to a further 15% of the number of shares at the offering price. The over-allotment if exercised in full would increase the gross proceeds to $2.3 million approx.

    On December 15, the company announced the closing of the offering with gross proceeds of $2.0 million. The company intended to use the net proceeds for working capital and general corporate purposes.