STOCKS TELEGRAPH

Tag: GMTX

  • Gemini Therapeutics Inc. (GMTX) Up on Shares Purchase by a Major Shareholder

    In a transaction on April 13, 2022, major shareholder Braden Michael Leonard acquired further shares of Gemini Therapeutics Inc. (GMTX). Disclosed in an SEC filing (13G), the purchase caused a rally in GMTX on Wednesday. GMTX shares went up by 11.97% in regular trading to reach a value of $1.59 per share. The stock then continued its uptrend in the after-hours to register a further increase of 9.43% at $1.74 per share.

    Source: OFFISTRA Corp

    The SEC Filing

    According to the filing, Braden M. Leonard managing member of BML Capital Management, LLC., acquired 191,769 shares of the company’s stock. Purchased at a price of $1.52 per share, the transaction is valued at $291,488.88. With this purchase, Mr. Leonard now owns 5,000,000 shares of GMTX with an approximate value of $7,600,000.

    Before this, Mr. Leonard had purchased 504,487 shares of the company’s stock on April 11 as well. The average per-share price for that transaction was $1.35.

    Both the transactions being of a major shareholder with 10% ownership, were disclosed in filings with the Securities Exchange Commission.

    What’s Going on with GMTX?

    GMTX is going through some major changes currently. Near the end of last year, the company had announced corporate restructuring along with leadership transitions and strategic evaluation for increasing shareholder value. Moreover, the company also said to reduce its workforce by 20% at the end of the year.

    Continuing the strategic review process, the GMTX became a remote-first company in January 2022 with no physical headquarters. Furthermore, at the end of February, the company decided to reduce its headcount by 80% to preserve financial resources until the review process concludes. The remaining employees are now focused on the IND-enabling tasks of GEM307 while research and non-clinical programs have ceased.

    Impact of Strategic Restructuring

    As the company keeps taking drastic measures to increase shareholder value and continues its review process, several institutional investors and hedge funds have increased their stakes in GMTX. Foresite Capital, Franklin Resources, Pura Vida Investments, Asymmetry Capital, Suretta Capital, all have increased their stake in the company recently.

    Additionally, many research analysts have also upgraded their ratings for the stock from hold to buy while some did downgrade their ratings. So, the stock’s ratings are mixed currently ranging from hold and neutral to buy.

    Conclusion

    With $136.6 million in cash balance as of December 31, 2021, and huge changes taking place for increasing shareholder value, investors are showing interest in GMTX. Thus, the latest purchase of shares by a major shareholder on Wednesday caused an uptick in the stock.

  • Why Gemini Therapeutics Inc (GMTX) stock slid down on Tuesday?

    Why Gemini Therapeutics Inc (GMTX) stock slid down on Tuesday?

    Gemini Therapeutics Inc. (GMTX) shares collapsed 35.01% in after-hours on Tuesday, June 22, 2021, and closed the day at $6.35 per share. Earlier in the morning session, GMTX’s stock lost 4.50% to close the session at $9.77 per share. GMTX shares have moved down 8.43% in the past week. Over the past three months, the stock has lost 41.32%, while over the past six months, it has shed 5.24%.

    Let’s see if there any reason for its bad performance on Tuesday?

    Initial Data from Phase 2a Study of GEM103

    On June 22, 2021, Gemini Therapeutics, Increvealed initial data from its Phase 2a ReGAtta study of GEM103 as of May 2021 in patients with geographic atrophy (GA) secondary to dry AMD. ReGAtta is a dose-escalation trial of GEM103, which is intravitreally administered recombinant human complement factor H (CFH), in dry AMD patients.

    Chief Medical Officer of Gemini Therapeutics, Samuel Barone, M.D. said that they are very excited that these results demonstrated that GEM103 has biological activity and support CFH’s mechanism of action to regulate complement activity in patients with dry AMD. He further said that GEM103 also continues to show a positive safety profile in the setting of repeat dosing for up to six months.

    Participation in the investor conference

    Gemini Therapeutics recently participated virtually in the Jefferies Virtual Healthcare Conference which held on Wednesday, June 2, 2021.

    The company was presented by Chief Executive Officer Jason Meyenburg.

    Recent financial results announcement

    On May 13, 2021, Gemini Therapeutics, Inc. released its financial results for the first quarter ended March 31, 2021.

    Q1 2021 financial highlights

    • The company spent $11.8 million in research and development expenses for Q1 2021 compared to $8.2 million for the same period in 2020.
    • For Q1 2021, general and administrative expenses were $4.7 million compared to $1.4 million for Q1 2020.
    • The company suffered a net loss of $19.0 million, or $0.59 per share for the reported quarter compared to a net loss of $9.7 million, or $0.67 per share, in Q1 2020.
    • Gemini had $185.0 million in cash, $9.2 million of principal outstanding debt, and 43.0 million shares outstanding on March 31, 2021.

    New appointment

    On May 3, 2021, Gemini Therapeutics, Inc appointed Georges Gemayel, Ph. D., as the Chair of the Company’s Board of Directors.

    Dr. Gemayel has more than 30 years of management and executive experience in the pharmaceutical industry of the U.S., Europe, and the Middle East.

    Conclusion

    The GMTX stock plummeting on Tuesday is quite strange because the company announced positive results from its ongoing Phase 2a Study of GEM103, which should result in surging on GMTX stock.

    We hope that GMTX will perform well in the coming days so that it can recover its loss.