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Sunday, July 3, 2022

Positive Clinical Data: Adagio Therapeutics, Inc. (ADGI) Stock Rising Phenomenally in Premarket

Adagio Therapeutics, Inc. (ADGI) is a leading biopharmaceutical company aimed at the discovery, development, and commercialization of novel antibody-based solutions to several infectious diseases including influenza and COVID-19. One of the leading drug candidates of the company is ADG20 which is a broadly neutralizing antibody with specific binding epitopes. The company’s portfolio of antibodies is intended to offer the patients the potential for a strong blend of extent, potency, durable defense, affordability, and manufacturability.


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ADGI stock price during the regular trading of March 29, 2022, was $3.85 with an acceleration of 1.05%. Its price further rocketed sharply as of the writing in the premarket session on March 30, 2022, by 62.6%.

Events and Happenings

On March 30, 2022, ADGI updated on meeting the primary endpoints with statistical significance for its ongoing international Phase 2/3 clinical studies of adintrevimab or ADG20, assessing its safety and tolerability. Based on the outcomes, the company intends to engage with FDA regarding the submission of an Emergency Use Authorization application during Q2 2022 for the treatment of COVID-19.

On March 18, 2022, ADGI reported about holding the Virtual 2022 Annual Shareholders Meeting on May 26, 2022. On February 23, 2022, ADGI announced the appointment of David Hering as its interim CEO, succeeding Tillman Gerngross, with immediate effect. On January 06, 2022, ADGI stated its Executive management presented at the 40th Annual J.P. Morgan Healthcare Conference held on January 13, 2022.

ADGI: Key Financials

ADGI released its third-quarter 2021 financials on November 15, 2021, for the three months ended September 30, 2021. Some of the key features are discussed below.

Revenue

No revenue was reported by the company for the comparable third quarter of 2021 and 2020.

EPS

Basic and diluted per share net loss during the third quarter of 2021 was $60.4 million or $0.98 as compared to $48 million or $25.9 during the corresponding quarter of 2020. Its EPS inclined sharply over the year along with missed EPS targets by -$0.31.

Conclusions

ADGI stock dropped too low during the past six months as the omicron variant surfaced globally, halting the international economy again. Its stock price remarkably rose in Wednesday’s premarket trading as the company reported hopeful topline clinical results for ADG20 in preventing and treating COVID-19. The company’s Q4 2021 financials release expects the EPS to be -$0.85.

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