On December 31, news emerged that iTeos Therapeutics Inc. (ITOS) is set to join S&P SmallCap 600. Consequently, the stock rallied and became bullish in the after-hours on Friday.
In the previous regular session, the stock fluctuated between $46.36 and $49.00 at 345.94K shares. ITOS closed the session with a loss of 2.94% at $46.56 on Friday. Following the news, the stock became bullish in the after-hours to reach $49.79 with a 6.94% increase.
Currently, the 35.27 million outstanding shares of the company trade at a market capitalization of $1.64 billion.
S&P SmallCap 600
As per December 31’s news, Magellan Health Inc. will be replaced by ITOS in the S&P SmallCap 600. Moreover, this change will be effective before the opening of the market on Wednesday, January 05. In addition, Magellan Health will be deleted from S&P SmallCap600 due to its acquisition by Centene Corp. Furthermore, the acquisition process is expected to be complete soon after the final conditions. Centene Corp is a constituent of S&P 500.
ITOS’s Recent Developments
On December 09, the company announced new preclinical data for its anti-TIGIT monoclonal antibody, EOS-448. The data was presented at the 63rd American Society of Hematology (ASH) Annual Meeting & Exposition as well as TIGIT Therapies Digital Summit 2021.
The new data which was presented at the TIGIT Summit showed evidence of the multifaceted mechanism of the EOS-448. Moreover, the data presented a strong rationale for supporting the Phase1/2 trial of multiple myeloma which is ongoing. Furthermore, ITOS plans to proceed with the clinical development of the product in both multiple myeloma and solid tumors in 2022.
In addition, the ASH 2021 presentation demonstrated the efficacy of EOS-448 both as a single agent and in combination with IMiD in multiple myeloma (preclinical model). In addition, the data from EOS-448’s study as monotherapy and in combination with Bristol Myers Squibb’s IMiD (with/without dexamethasone) also provided a strong rationale.
ITOS Q3 Financials
On November 10, the company announced its financial results for the third quarter of 2021.
In the third quarter of 2021, ITOS generated a net income of $69.6 million against a net loss of $11.6 million in Q3 of 2020. Consequently, the Q3 2021 net income was $1.98 and $1.86 per basic and diluted share, respectively. This compares to a net loss of $0.48 per basic and diluted share in the year-ago quarter.
Moreover, the company ended the third quarter of 2021, with cash and cash equivalents of $899.9 million.
