Iterum Therapeutics PLC (ITRM) finally gains momentum as it gained 3.67% at $0.4769 in the after-market on November 22. The stock went down by 7.07% to close at $0.4600 on Monday at a volume of 7.23 million. Which was 128% of the 65-day average volume of 5.64 million. During the normal trading session, the stock varied between a share price of $0.4521 and $0.4990. While over the 52-weeks the stock saw a high of $2.9950 and a low of $0.4521. In the past five days, the stock lost 16.59% and 32.08% in the past three months. Moreover, ITRM stock lost 53.49% year to date. After being in the downtrend for more than a week, ITRM stock seems to be in market corrections as it began to go up.
More about the Company
Founded in 2015, Iterum Therapeutics PLC (ITRM) operates as a pharmaceutical company. It engages in the development and commercialization of sulopenem to potentially be the first and only oral and IV branded penem available. Penem’s are synthetic antibiotics used for the treatment of various infections including pneumonia and meningitis.
ITRM stock’s Movement
Since November 12, the Iterum Therapeutics PLC (ITRM) stock had been in a continued downtrend. The stock saw a very small gain after the announcement of its third-quarter financial results on November 12, which was soon followed by a continued downfall. The continued downtrend in the stock was expected to reverse soon after its previous trading session. The reversal was indicated not only by the formation of the hammer chart pattern but also by the positive expectations for the future earnings of the company. Both the technical and fundamentals indicated the trend reversal of the stock.
ITRM’s Financials
On November 12, Iterum Therapeutics PLC (ITRM) announced its financial results for the quarter ended September 30, 2021. As per the Q3 of 2021, the R&D expenses were $1.8 million, against that of $3.9 million in Q3 2020. The completion of Iterum’s Phase 3 clinical trials was responsible for the decrease in R&D expenses of the quarter.
Moreover, the general and administrative expenses were $3.0 million for Q3 2021, against $2.4 million in 2020. An increase in share-based compensation for employees and directors was the reason for this increase.
Furthermore, the net income for Q3 2021, was $3.7 million, compared to a net loss of $12.2 million for that of 2020. Consequently, the non-GAAP net loss was $5.2 million for Q3 2021, against $7.0 million in Q3 2020. Accordingly, the non-GAAP net loss per basic and diluted share for Q3 2021, was $0.03, compared to $0.34 for the same period of 2020.
In addition, ITRM had cash, cash equivalents, and short-term investments of $85.7 million as of September 30, 2021.
