STOCKS TELEGRAPH

Tag: ODT

  • Odonate Therapeutics, Inc. (ODT) Stock Skyrockets as Latest Potential Target of Meme Stock Phenomenon

    Odonate Therapeutics, Inc. (ODT) stock prices were up by 2.97% as of the market closing on July 2nd 2021, bringing the price per share up to USD$3.47 at the end of the trading day. Subsequent premarket fluctuations saw the stock skyrocket by 32.85%, bringing it up to USD$4.61.

    Cessation of Texetaxel Development

    The company recently announced the discontinuation of the development of its flagship tesetaxel treatment, along with the intent to wrap up operations related to the treatment’s development. ODT is collaborating with clinical sites to transition patients from their ongoing studies to relevant and applicable alternative therapies. Compassionate use programs will see the continuation of treatment with tesetaxel, as deemed appropriate in extreme cases.

    Financial Reports

    March 31st 2021 saw the company announce USD$133.2 million in cash, indicating a stellar liquidity position. December 31st 2020 had reported USD$157.3 million, with the difference being largely attributable to a USD$24.9 million cost of operating activities for the three month period ended March 31st 2021. Net loss at the end of the quarter was reported at USD$33.8 million, representing a net loss of USD$0.90 per share. The same time period over the previous year saw the company reported USD$30.2 million in net loss, representing a net loss of USD$0.99 per share.

    Meme Stock Phenomenon

    With the company having closed operations for its primary driving force, the recent surge in equity value is truly confounding. In the absence of recent news developments or changes in the company’s fundamentals, it seems ODT has become the latest target of the meme stock phenomenon that has been raging through stock markets since the AMC and GME debacles earlier in the year.

    About Meme Stocks

    With very little reason to invest in the company, ODT owes its fortuitous surge in equity value to the proliferation of meme stocks. Meme stocks are underperforming companies, with little to no reason to justify an investment in, that are heavily pumped by retail investors. These investors target underdog companies with high short interests in a coordinated short squeeze on the social media platform, Reddit. Understandably, meme stocks come packed with high risk and volatility. Upward movement relies on the strength of each link in the chain of coordination. While many profit heavily on this confounding stock movement, as many or more investors lose their investments if they are late to the pump and dump.

    Future Outlook for ODT

    As it stands, ODT is poised to collapse, but it seems to be kept afloat by its recent surge in equity value. Unless it comes out with significant news in the very near future or manages to leverage its additional capital to generate more organic growth, the future for ODT does not look bright.

  • Early Morning Vibes: Check Out These 4 hot Stocks Right Now

    Early Morning Vibes: Check Out These 4 hot Stocks Right Now

    On December 24, American stock indices closed in the green. The S&P 500 Index climbed 0.35% to 3690 points, the Dow Jones added 0.23%, the NASDAQ 0.29%. The news background on the eve of Christmas was weak. Fiscal stimulus prospects continued to be supportive. The tech sector was one of the growth leaders with 0.75%, while the energy sector looked the weakest and lost 0.63%.

    Corporate news

    The State Administration for Market Regulation of the People’s Republic of China has suspected Alibaba Group (BABA: -13.4%) of violating antitrust laws. At the same time, the People’s Bank of China demands to reform the business of the fintech division of Alibaba Ant Group.

    The FDA has paused clinical trials for an anti-clotting vaccine developed by Altimmune (ALT: -9.3%) and is demanding additional data. 

    Today, world stock markets are showing mostly positive dynamics. On Sunday, December 27, President Donald Trump signed into law a $ 900 billion economic support bill that will include a one-time payment of $ 600 per person to Americans. Earlier, the president insisted on increasing the amount of payments to $ 2,000. A vote in Congress on this issue will take place today. If approved, this measure will be included in a separate bill. However, it is unlikely that the Republicans will support the initiative. Trump’s approval of the stimulus package is positive for the stock market, but some of these expectations have already been incorporated into quotes, and no new stimulus is expected in the short term. Thus, market response to these developments will be very limited, especially given the reduced volatility and trading volumes.

    Investors’ attention from the stimulus package will gradually shift to the front of the fight against coronavirus. According to US chief infectious disease specialist Anthony Fauci, “the worst” is yet to come, as the holidays will trigger a surge in COVID-19. However, most of all investors are now interested in the rate of vaccination of the population, because if it does not correspond to the original plans, it will lead to a correction in cyclical sectors.
    Technical picture

    Technically, the S&P 500 is prone to consolidation. The trading session the day before did not change the overall picture. Volatility will remain low ahead of the New Year. The RSI and MACD indicators continue to form bearish divergence, so the risk of correction remains.

    Today Top Movers‎

    ‎NXT-ID Inc (NXTD)‎‎ is up 42.74% at $1.77 in premarket trading session on Monday.‎

    ‎Ocugen, Inc (OCGN)‎‎ reported an increase of 44.32%, with the share price at $2.54 in today’s premarket trading session following the appointment of a vaccine scientific advisory board.‎

    ‎Jaguar Health Inc (JAGX)‎‎ share price gained 21.67% at $0.87 in early morning trading session on Monday. The firm recently signed second agreement for $6 million non-dilutive financing transaction involving the sale of royalty rights related to future Mytesi (Crofelemer) and Lechlemer revenue stream.

    ‎‎Naked Brand Group Ltd (NAKD)‎‎ share price soared 1.91% at $0.21 on Monday during premarket trading session after declaring that it has been granted an additional 180-day period, or until May 24, 2021.‎

    Latest Insider Activity


    Workhorse Group Inc. (WKHS) Director Chess Raymond Joseph announced the sale of shares taking place on Dec 18 at $21.05 for some 5,000 shares. The total came to more than $0.11 million.
     

    Invitae Corporation (NVTA) President & CEO George Sean E sold on Dec 22 a total 631,018 shares at $53.06 on average. The insider’s sale generated proceeds of almost $0.19 million.
     

    Neoleukin Therapeutics Inc. (NLTX) Director BAKER BROS. ADVISORS LP declared the purchase of shares taking place on Jul 07 at $15.25 for some 424,000 shares. The transaction amount was around $6.47 million.
     

    Odonate Therapeutics Inc. (ODT) Chief Executive Officer TANG KEVIN C bought on Dec 23 a total 15,514,566 shares at $15.58 on average. The purchase cost the insider an estimated $2.17 million.

    Earnings To Watch

    Top US earnings releases scheduled for today include Secoo Holding Limited (NASDAQ:SECO). It will announce its Jun 2019 financial results. The company is expected to report revenues of $241.41M in the three-month period.