On February 17, IMARA Inc. (IMRA) submitted a filing with the SEC regarding the insider transaction of David M. Mott, Chairman, Board of Directors. The stock continued to gain in the following sessions after the SEC filing. Moreover, the company also presented at the 11th Annual SVB Leerink Global Healthcare Conference on February 17.
Following the recent developments, the stock gained a huge 16.26% during the regular session on Friday. At the close of the session, IMRA stock had a value of $1.42 per share while the volume remained above average at 842.02K shares. The stock continued its rise in the after-hours as it added a further 11.89%. Hence, IMRA reached a price of $1.60 per share in Friday’s after-market session.
The clinical-stage biopharmaceutical company, IMARA Inc. (IMRA) develops therapies for hemoglobinopathies. Founded in 2016, the company has a market capitalization of $37.57 million.
What Happened with IMRA?
As previously reported, the company presented at the SVB Leerink Global Healthcare Conference on Thursday. The company’s President and CEO, Rahul Ballal also participated in a Fireside Chat at the conference.
Additionally, on Thursday it was disclosed in an SEC filing, that Mr. Mott purchased certain shares of the company in the open market. The filing reported common stock purchases on February 15, 16, and 17, 2022, thus reaching a total of 77,752 shares. Furthermore, the weighted average price of the transactions was $1.20. It seems Mr. Mott took advantage of the recent price fall of the stock to its 52-week low of $1.10 on February 14.
Consequently, the stock kept on increasing its value in the following sessions on Friday. Thus, in the past five days alone IMRA has added a value of 24.35%. Additionally, the stock stands at a year-to-date loss of 36.44% while it subtracted 89.37% last year.
IND Clearance for IMR-687
On January 25, the company announced the clearance of IMR-687’s IND by the U.S. FDA. Therefore, the company is set to initiate the clinical development of IMR-687 (tovinontrine) in heart failure with preserved ejection fraction (HFpEF). IMRA intends to commence the Phase 2 trial of IMR-687 in Q2 of 2022.
IMRA’s Financials
In the third quarter of 2021, the company reported a net loss of $13.6 million or $0.55 per share, against $12.4 million or $0.72 per share in the year-ago period.
IMRA ended the quarter with cash, cash equivalents, and investments of $102.8 million.
