RAPT Therapeutics Inc. (RAPT) shares gained 13.77% in after-market on Monday, June 14, 2021, and closed the day at $45.53 per share. Earlier, RAPT’s stock soared 115.51% to close Monday’s normal trading session at $40.02 per share. RAPT shares have risen 85.97% over the last 12 months, and they have moved up 116.91% in the past week. Over the past three months, the stock has gained 76.22%, while over the past six months, it has added 71.54%.
Let’s see is there any recent development behind its exceptional surge?
Proposed Public Offering of Common Stock
On June 14, 2021, RAPT Therapeutics, Inc commenced an underwritten public offering of $125 million of its common stock. RAPT also providing a 30-day option to purchase up to an additional $18.75 million of its common stock on the same terms and conditions.
Positive Results from Phase 1b Trial of RPT193 Monotherapy in Atopic Dermatitis
On June 14, 2021, RAPT Therapeutics, Inc. reported positive topline results from its randomized placebo-controlled Phase 1b clinical trial of RPT193 as monotherapy in 31 patients with moderate-to-severe atopic dermatitis (AD).
patients with moderate-to-severe AD who received RPT193 showed a 36.3% improvement from baseline in the Eczema Area and Severity Index (EASI) score, after four weeks of treatment.
Participation in the recent health conference
RAPT Therapeutics recently participated in a fireside chat at the UBS Global Healthcare Virtual Conference which held on Monday, May 24, 2021.
The company was presented by President and Chief Executive Officer, Brian Wong, M.D., Ph.D.
Recent financial results
On May 11, 2021, RAPT Therapeutics, Inc released its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
- RAPT Therapeutics suffered a net loss of $16.5 million for Q1 2021, compared to $13.1 million for the first quarter of 2020.
- Net loss per share, basic and diluted was $0.66 per share in Q1 2021 compared to $0.56 per share in Q1 2020.
- Research and development expenses were $13.8 million in Q1 2021, compared to $10.7 million for the same period in 2020.
- General and administrative expenses were $4.0 million in Q1 2021, compared to $3.3 million for the same period of 2020.
- The Company had cash and cash equivalents and marketable securities of $98.4 million on March 31, 2021.
Conclusion
The RAPT stock rallied on Monday after the company made two important announcements. The positive trial results and public offering of its common stock took the stock to new heights. The RAPT stock can continue its surge on Tuesday as well.
