Allena Pharmaceuticals, Inc. (ALNA) is a successful biotherapeutics business engaged in treating metabolic disorders. Its lead pipeline drug candidate in Phase 3 trials is reloxaliase, used in treating enteric hyperoxaluria. ALLN-346 is in Phase 2 studies for treating gout and hyperuricemia.
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ALNA stock price in the regular trading session of March 18, 2022, was slightly up by 2.94% to be $0.48. Its price plunged deep as of this writing in the aftermarket session by 51.9%.
ALNA: Events and Happenings
On March 18, 2022, ALNA updated on filing Form 8-K or unscheduled material events or corporate events report with the SEC. On January 04, 2022, ALNA announced its clinical update, and key aspects are discussed as follows.
- A substantial reduction in serum uric acid was confirmed using ALLN-346.
- A robust patient enrollment for ALLN-346 clinical trials in corresponding units.
- It is trying to reduce the trial length of Reloxaliase Phase 3 trials.
ALNA: Key Financials
On November 10, 2021, ALNA announced its financial results for the third quarter and nine months ended September 30, 2021. Some of the key updates are as follows.
No revenue was recorded by the company during the third quarter of 2021 as well as the same period of 2020.
Net losses per share (basic and diluted) during the third quarter of 2021 were $12.7 million or $0.17 against $8.0 million or $0.22 for the corresponding quarter of 2020. The company’s per-share earnings inclined slightly year-over-year and it surpasses the analysts’ expectations of EPS by $0.01.
On November 03, 2021, ALNA informed the press regarding Fast Track designation receipt from the FDA by ALLN-346. On September 29, 2021, ALNA stated the dosage of Phase 2 trials of ALLN-346 to the initial set of patients.
The stock price of ALNA dropped by 25% in the year-to-date period. The reason behind the low performance of the company’s stock is the financial restrictions as a result of the global pandemic. The current drop in the price is the effect of a recent SEC filing by the company. The company is also going to release its financial statement and the estimated EPS target is -$0.17 for Q4 2021.