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Tag: IMUX

  • Here is why Immunic Inc. (IMUX) stock plummeted on Wednesday?

    Immunic Inc. (IMUX) shares plunged 10.60% in after-hours on Wednesday, July 14, 2021, and closed the trading at $10.63 per share. Earlier in the morning session, IMUX’s stock lost 3.49% to close Wednesday’s session at $11.89. IMUX shares have fallen 1.82% over the last 12 months, and they have moved down 2.70% in the past week. Over the past three months, the stock has lost 18.11%, while over the past six months, it has declined 32.79%. Further, the company has a current market of $252.42 million and its outstanding shares stood at 21.18 million.

    Proposed Public Offering of Common Stock

    On July 14, 2021,Immunic, Inc announced that it intends to offer and sell shares of its common stock in an underwritten public offering. All the shares to be sold in the offering will be offered by the Company.

    The underwriter will get a 30 days option to buy an extra 15% percent of shares of its common stock offered in the public offering.

    Virtual R&D day hosted by Immunic Inc

    On July 12, 2021, Immunic, Inc hosted a virtual R&D Day. Immunic’s management and Zuoming Sun, Ph.D., a key opinion leader specializing in RORγt biology, discussed new preclinical data for IMU-935, a highly potent and selective inverse agonist of the transcription factor RORγt, and provided an update on its clinical development strategy as a potential treatment for psoriasis and metastatic castration-resistant prostate cancer (mCRPC).

    FDA cleared two IND applications of Immunic

    On July 1, 2021, U.S. Food and Drug Administration (FDA) cleared Immunic, IncInvestigational New Drug (IND) application for the phase 3 ENSURE program of lead asset IMU-838, the company’s selective oral DHODH inhibitor, in patients with relapsing-remitting multiple sclerosis (RRMS).

    The FDA also cleared the company’s separate IND application for the supportive phase 2 CALLIPER trial of IMU-838 in patients with progressive multiple sclerosis (PMS).

    Participation in the recent investor conferences

    • Immunic Inc was present at Ladenburg Thalmann Healthcare Conference which held on July 13-14, 2021. The Chief Executive Officer and President of Immunic, Daniel Vitt, Ph.D., presented the company.
    • The company also took part in the 16th Congress of ECCO(European Crohn’s and Colitis Organization) which held on July 2-3 and 8-10, 2021.
    • Immunic Inc participated at The International Federation of Psoriasis Association’s 6thWorld Psoriasis & Psoriatic Arthritis Conference 2021, which held on June 30-July 3, 2021.
    • The company was presented by Chief Executive Officer and President of Immunic, Daniel Vitt, PhD at the JMP Securities Life Science Conference which held on June 16-17.
    • The senior management of Immunic had one on one meetings atBIO Digital(formerly BIO International Convention) which held on June 14-18, 2021.

    Conclusion

    The recent announcement of a public offering of its common stock was the reason behind its poor performance on Wednesday. We hope that IMUX will recover its loss in the coming days and will perform better.

  • Stocks to Watch amidst Mixed Market Sentiment

    Stocks to Watch amidst Mixed Market Sentiment

    The markets are headed for a weak start to the day this morning. On one hand, there is the optimism of an easing of trade tensions between the U.S and China. At the beginning of the week, negotiators said there was positive progress on the trade talks.

    The optimism is increased by news that China will be buying a large amount of US soya beans. The positive momentum is also increased by hopes of an end to the restrictions that have shrunk global trade, especially in service-related industries. This week the US FDA approved a COVID-19 treatment, and there are hopes that several vaccines are on the way. However, there are also fears that the effects of the pandemic run deeper. This is evident in the latest consumer data.

    According to the Consumer Confidence Index data, confidence dropped in August to its lowest in 6 years. This is a negative signal to the US economy since two-thirds of it runs on consumer spending. This mixed outlook has seen money continue to flow into big tech stocks.

    This is on the strength of these companies in their core markets. These companies also have the resources and the infrastructure to keep innovating and remain strong despite the prevailing circumstances. Despite the mixed outlook, there are several stocks that look set to start the day on a high note. Some of the big gainers pre-market that could dominate in the day are as below:

    PolyMet Mining Corporation [NYSE: PLM]

    PolyMet Mining Corporation is a top performer this morning and is up by over 700%. This follows the actualization of a 1:10 share split. The reverse share split was approved by the company’s board on the 21st of August. At the time the company stated that after the split, the total issued and outstanding shares will drop from 1,0006,997,495 to 100,699,749. The split does not negatively impact on shareholders as everyone will retain the percentage of stock they held before the reverse split.

    Immunic Inc [NASDAQ: IMUX]

    Immunic Inc is another top performer this morning and is up by 19% pre-market. This is largely a price action move, after the stock’s correction over the last few days. Several days ago, the company announced that it had dosed its first healthy volunteer in his phase 1 clinical program for its IMU-856. The company announced that in pre-clinical studies, the compound had shown a paradigm shift in treating gastrointestinal disease.

    Heat Biologics Inc [NASDAQ: HTBX]

    Heat Biologics Inc is a top performer this morning and is up by over 20%.  This comes after the company announced that it announced that it had published pre-clinical results on a COVID-19 vaccine. With the increased hopes of a COVID-19 vaccine, this stock stands to gain momentum through the day.

     

  • Stocks to Watch as Corporates Raise Estimates for Q3

    Stocks to Watch as Corporates Raise Estimates for Q3

    It’s a good start for the markets today. According to data by Factset, big companies raised their Q3 estimates by 1.1% in July. Historically, companies usually cut their estimates at the start of the quarter, which makes the current move an exception.  Data shows that in the past 5-years, the average decline in bottom-up earnings per share at the start of a quarter is 2.8%. The increased estimates point to higher confidence in the corporate world that the economy could be getting better. That’s because such numbers mean that stocks are fairly priced and that there is room for growth.  Putting this in the context of the wider market, the higher estimates are related to the government’s move to support the economy through the CARES Act. In this environment of increased optimism, a number of stocks have gained significant upside momentum in early morning trading. Some of the biggest gainers pre-market are as below:

    Vislink Technologies Inc [NASDAQ:VISL]

    This stock is on a roll pre-market and is up by over 500%. This rally is driven by two key factors. The first one is the increased optimism in the market, as shown by the higher quarterly estimates. Secondly, is the company’s reverse 6-1 stock split. The stock split will come into effect today under number 92836Y 300.  CEO, Mickey Miller stated that they had made major progress in turning around operations by bringing in new leadership. He added that the stock split is a step towards keeping its listing on the NASDAQ and continued value growth.

    Highway Holdings Limited [NASDAQ:HIHO]

    Highway Holdings Limited is another top performer pre-market and is up by over 100%. This is largely momentum-driven as there is no major news happening around this company at the moment. Late last week, the company announced that it was delaying the release of 2020 financial results due to the COVID-19 pandemic. However, the company stated that the delay will not impact its ability to file proxy statements and it’s AGM that will take place in October. Going by its current momentum, a positive start to the markets could see it make significant gains in the day.

    Immunic Inc [NASDAQ:IMUX]

    Immunic Inc is another top performer pre-market and is up by over 30%. Its momentum is driven by news of positive top-line data from the phase 2 study of EMPHASIS trial for its treatment called IMU-838. The study showed that the treatment met its primary endpoints in safety and tolerance. Besides positive treatment data, the company reported Q2 results that show that it in the quarter, it had cash and cash equivalents of $48.6 million.