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Tag: GRTX Stock

  • Galera Therapeutics, (GRTX) Sees Unprecedented After-Hours Surge

    Galera Therapeutics, Inc. (NASDAQ: GRTX) underwent a turbulent trading session on Thursday, experiencing a substantial 8.79% decline. However, as the closing bell rang, investors were greeted with a remarkable afterhours turnaround, witnessing the stock price surge by an extraordinary 32.14%.

    This unexpected market upheaval has sparked fervent speculation among industry pundits and enthusiasts regarding its potential continuation into Monday’s early trading hours.

    Earnings Report Sparks Investor Intrigue

    Galera Therapeutics, Inc. operates in the esteemed domain of clinical-stage biotechnology, dedicated to pioneering novel therapeutics for cancer treatment and radiation-induced toxicity prevention. Despite reporting earnings per share (EPS) of -10 cents, a figure surpassing analyst prognoses of -35 cents, the company did not register any revenue for the quarter.

    In response to the FDA’s request for a secondary Phase 3 trial for avasopasem, Galera’s President and CEO, Mel Sorensen, M.D., conveyed, “We have initiated pivotal measures to extend our financial runway and explore strategic alternatives.” This encompasses the cessation of the GRECO trials following an adverse futility analysis in the pancreatic trial and an exploration of strategic avenues to augment shareholder value.

    Corporate Updates and Financial Highlights

    Galera’s recent corporate maneuvers encompass a significant reduction in workforce by approximately 70% in August 2023, coupled with the enlistment of Stifel, Nicolaus & Company, Inc. as financial advisors to scrutinize strategic alternatives. Furthermore, the company received a Complete Response Letter (CRL) from the FDA for the avasopasem New Drug Application (NDA), mandating an additional Phase 3 trial.

    On the financial frontier, Galera reported a net loss of $(5.6) million for Q4 2023 and $(59.1) million for the full year, with cash reserves projected to sustain operations until the second quarter of 2025.

    Closing Thoughts

    Galera Therapeutics, Inc.’s roller-coaster ride in the stock market mirrors investors’ reactions to its earnings disclosure and strategic delineations. While the surge witnessed during after-hours trading manifests optimism, lingering uncertainties revolving around regulatory conundrums and financial performance remain pervasive. As market participants await further elucidation, Monday’s trading session will ostensibly shed light on the durability of this abrupt bullish surge.

  • Galera Therapeutics Inc. (GRTX) stock Continues to Gain After Hours. Why?

    Galera Therapeutics Inc. (GRTX) stock gained a further 7.92% in the after-hours on December 20. During the regular session, the stock saw a huge gain of $28.04% at its close of $3.79. GRTX continued going up in the after-hours, to reach $4.09 at 1.63 million shares.

    With no recent news, the stock seems to be gaining on the positive corrected efficacy data published on December 14.

    GRTX and its Movement

    On December 14, the company announced corrected efficacy data from its Phase 3 ROMAN Trial of Avasopasem. According to this, avasopasem achieved the primary endpoint of statistical significance. The stock has been gaining well on the new data, while it did see profit booking events in the midst of the gains.

    On December 20, the stock reached a high of $4.73 at a huge volume of 113.96 million shares. Hence, the day’s volume was a staggering 1,046% of its 65-day average of 10.89 million shares. The stock then continued to gain further in the after-hours on Monday.

    Hence, GRXT has added over 174.6% in the past five days alone, making its one-month gain 165.03%. Moreover, the stock has lost 62.95% year to date.

    Corrected Topline Efficacy Data

    GRXT has been conducting a Phase 3 ROMAN trial of avasopasem for the treatment of RT-induced severe oral mucositis (SOM) in advanced HNC (head and neck cancer) patients. SOM is a side effect of radiation therapy that causes painful mouth sores. These sores cause difficulty and pain in eating and drinking. Moreover, every year almost 42,000 HNC patients undergo RT in the U.S. All these patients are at continuous risk of SOM throughout their treatment. In addition, there are no FDA-approved drugs for SOM reduction or treatment in solid tumors currently.

    On Monday, GRTX disclosed corrected topline efficacy data from the trial. According to this, the trial resulted in the achievement of the primary endpoint of statistical significance. Previously, the company had announced that the trial was unable to achieve the endpoint. Moreover, the new data also provided corrected p-values, which are:

    • The incidence of SOM reduced by 16%; primary endpoint corrected p=0.0451, against previous p=0.113
    • The number of days od SOM reduced by 56%; secondary endpoint p=0.0022, against previous p=0.011
    • The severity of SOM reduced by 27%; secondary endpoint p=0.052 against previous p=0.167

    In addition, avasopasem was generally well tolerated according to the topline results from Phase 2a EUSOM trial conducted in Europe.

  • Early Morning Vibes: 4 Best Stocks To Buy Today

    Early Morning Vibes: 4 Best Stocks To Buy Today

    On December 15, the American stock indices closed in positive territory. The S&P 500 index rose 1.29% to 3695 points, the Dow Jones rose 1.13%, the NASDAQ rose 1.25%. The main positive driver was the optimistic expectations regarding the new package of fiscal support. Increased risk appetite allowed all 11 sectors to close in the green zone. The tech sector became one of the leaders of growth, adding 1.61%, the locomotive was the shares of Apple.
     

    Corporate Update
     

    According to media reports, Apple (AAPL: + 5%) plans to increase iPhone production by 30% YoY amid strong demand for the new iPhone 12 Pro models.

    Eli Lilly (LLY: + 6%) released strong forecasts for 2021 and announced a deal to buy Prevail Therapeutics (PRVL: + 82%) for $ 1 billion.
     

    China’s Baidu Corporation (BIDU: + 13.8%) is considering entering the electric vehicle market and is in talks with automakers.
     

    Today, world stock exchanges are showing mostly positive dynamics. Two potential drivers of growth are in the spotlight: progress in negotiations between US lawmakers on a new package of economic support and the outcome of the Fed meeting. Congressmen continue to actively discuss the bill on measures to help the economy. At the moment, it is most likely that a package of about $ 750 billion will be accepted. This option excludes the most controversial aspects that have hindered a compromise over the past six months. Lawmakers plan to vote this week, while also approving other spending items, including an extension of government funding.
     

    The Fed is expected to repeat the rhetoric of previous meetings, active actions of the regulator are unlikely, as well as changes in long-term forecasts for the rate. Jerome Powell will re-emphasize the importance of fiscal policy. Most likely, the parameters of the program for purchasing government bonds will not be changed, but this program itself can be extended, which will support optimism in the markets.

    Today Top Movers


    Niu Technologies (NIU) is up 0.79% at $29.41 in premarket trading on Wednesday. In spite of no news on the stock directly, a broader piece of news today has helped several stocks.
     

    Hexo Corp (HEXO) share price increased 2.75% at $1.12 in today’s early morning session following the release of its first quarter fiscal 2021 financial results.
     

    Marathon Patent Group Inc (MARA) is going up 5.80% in premarket session on Wednesday. Despite few business articles or no business news lately, this stock has drastically climbed in value.
     

    Tilray Inc (TLRY) share price gaining 20.97% at $9.52 in premarket trading today following Its merger news with Aphria.

    Top Upgrades & Downgrades

    Credit Suisse turned bullish on Galera Therapeutics Inc. (GRTX), upgrading the stock to “Outperform” and assigning a $15.0 price target, representing potential upside of 18.48%.
     

    Atlantica Sustainable Infrastructure plc (AY) has won the favor of Seaport Global’s equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $38.0.
     

    Wells Fargo & Company (WFC) received an upgrade from analysts at Keefe, Bruyette & Woods, who also set their one-year price target on the stock to $36.0. They changed their rating on WFC to Outperform from Market Perform in a recently issued research note.
     

    Earlier Wednesday RBC Capital reduced its rating on Pfizer Inc. (PFE) stock to Sector Perform from Outperform and assigned the price target to $42.0.
     

    KeyBanc analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Aptiv PLC (APTV) has been changed to Sector Weight from Overweight.

    Latest Insider Activity


    Chewy Inc. (CHWY) Director STAR JAMES A announced the sale of shares taking place on Dec 11 at $85.06 for some 30,000 shares. The total came to more than $2.55 million.
     

    CarGurus Inc. (CARG) General Counsel and Secretary Patton Kathleen Bender sold on Dec 14 a total 103,142 shares at $30.00 on average. The insider’s sale generated proceeds of almost $0.17 million.
     

    Elys Game Technology Corp. (ELYS) Vice President of Technology Pasquini Luca declared the purchase of shares taking place on Dec 14 at $3.15 for some 1,000 shares. The transaction amount was around $3150.0.
     

    Retractable Technologies Inc. (RVP) President and CEO SHAW THOMAS J bought on Dec 14 a total 14,076,660 shares at $12.85 on average. The purchase cost the insider an estimated $3,007.

    Earnings To Watch


    Top US earnings releases scheduled for today include Lennar Corporation (NYSE:LEN). It will announce its Nov 2020 financial results. The company is expected to report earnings of $2.37 per share from revenues of $6.65B in the three-month period.
     

    Analysts expect Qutoutiao Inc. (NASDAQ:QTT) to report a net income (adjusted) of -$0.09 per share, when the bank releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2020 is predicted to come in at $174.89M.
     

    Herman Miller Inc. (MLHR), due to announce earnings after the market closes today, is expected to report earnings of $0.56 per share from revenues of $585.5M recently concluded three-month period.