Gemini Therapeutics Inc. (GMTX) shares collapsed 35.01% in after-hours on Tuesday, June 22, 2021, and closed the day at $6.35 per share. Earlier in the morning session, GMTX’s stock lost 4.50% to close the session at $9.77 per share. GMTX shares have moved down 8.43% in the past week. Over the past three months, the stock has lost 41.32%, while over the past six months, it has shed 5.24%.
Let’s see if there any reason for its bad performance on Tuesday?
Initial Data from Phase 2a Study of GEM103
On June 22, 2021, Gemini Therapeutics, Increvealed initial data from its Phase 2a ReGAtta study of GEM103 as of May 2021 in patients with geographic atrophy (GA) secondary to dry AMD. ReGAtta is a dose-escalation trial of GEM103, which is intravitreally administered recombinant human complement factor H (CFH), in dry AMD patients.
Chief Medical Officer of Gemini Therapeutics, Samuel Barone, M.D. said that they are very excited that these results demonstrated that GEM103 has biological activity and support CFH’s mechanism of action to regulate complement activity in patients with dry AMD. He further said that GEM103 also continues to show a positive safety profile in the setting of repeat dosing for up to six months.
Participation in the investor conference
Gemini Therapeutics recently participated virtually in the Jefferies Virtual Healthcare Conference which held on Wednesday, June 2, 2021.
The company was presented by Chief Executive Officer Jason Meyenburg.
Recent financial results announcement
On May 13, 2021, Gemini Therapeutics, Inc. released its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
- The company spent $11.8 million in research and development expenses for Q1 2021 compared to $8.2 million for the same period in 2020.
- For Q1 2021, general and administrative expenses were $4.7 million compared to $1.4 million for Q1 2020.
- The company suffered a net loss of $19.0 million, or $0.59 per share for the reported quarter compared to a net loss of $9.7 million, or $0.67 per share, in Q1 2020.
- Gemini had $185.0 million in cash, $9.2 million of principal outstanding debt, and 43.0 million shares outstanding on March 31, 2021.
New appointment
On May 3, 2021, Gemini Therapeutics, Inc appointed Georges Gemayel, Ph. D., as the Chair of the Company’s Board of Directors.
Dr. Gemayel has more than 30 years of management and executive experience in the pharmaceutical industry of the U.S., Europe, and the Middle East.
Conclusion
The GMTX stock plummeting on Tuesday is quite strange because the company announced positive results from its ongoing Phase 2a Study of GEM103, which should result in surging on GMTX stock.
We hope that GMTX will perform well in the coming days so that it can recover its loss.
