Brooklyn ImmunoTherapeutics, Inc. (BTX) is engaged in exploring the role of cytokine, gene editing, and cell therapy in the treatment of cancer, blood disorders, and monogenic diseases. The company’s shares dipped by 1.69% to remain at $1.75 at the closing of Friday’s regular trading session. The price surged by 7.43% in the aftermarket session. The current stock price as of the writing stands at $1.88.
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BTX: Recent Developments
BTX filed Form NT 10-K on April 1 for the late filing of its 2021 annual report. The company is anticipated to provide the annual financial details on April 15. BTX reported the closure of a prior announced private placement with a key healthcare investor on March 09. The net proceeds earned by the company from the private placement were up to $12 million and it intends to utilize the proceeds for general working capital purposes. The company also issued 6,857,142 cohorts at a per-cohort price of $1.75 to the investor. Each cohort consisted of one common stock share, and a warrant to acquire one common stock share at a per-share exercise price of $1.91.
BTX: Industry Outlook
The healthcare sector is one of the worst hit due to the pandemic and current geopolitical tensions between Russia and Ukraine. This specific sector contributed a full 3% points to the value’s return. It was observed that on an industrial scale, the major gains came from generic drug producers and healthcare insurance plan providers, which are 23.7% and 31.2% up respectively. The healthcare sector contributed to one-fourth of value’s powerful performance over the last year.
BTX was added to ICE and Nasdaq Biotechnology Index in December 2021. Also, the company added two members to its Board of Directors. The company managed to post earnings per share of -$1.70 in the third quarter of 2021 and missed the target by -$1.62.
BTX stock is on a continuous downward stride for the last year despite taking strong steps to build its portfolio. Its recent aftermarket gain is likely attributed to its upcoming earnings release on April 15, as the company did not report any recent happening or regulatory filings on its official website.