Outlook Therapeutics Inc. (OTLK), a biopharmaceutical company, saw a decline of 8.71% in its share price on Wednesday. The shares were changing hands at $2.20. Currently, in the premarket, the share price is $2.19, a decrease of about 0.45%.
A positive development for OTLK Stock
On Tuesday, the OTLK share price surged some 35% after the company announced positive clinical trial results for its treatment for wet ADM. According to the company, a successful phase 3 trial could allow the company to submit BLA to US FDA in early 2022, thereby providing the company with major success. According to medical experts, the chances of this treatment’s commercial success are 80%.
Change in leadership
On 7th July, Outlook Therapeutics appointed C. Russell Trenary III as the president, CEO, and a member in the Board of Directors of the company. Trenary has experience of 35 years in the life sciences industry, marketing, and business development. Over the course of his career, he has led the launch of some major products in eye care medical devices.
Induction in Russell 2000 Index
In early June, the company was inducted into a Russell 2000 Index, from June 25th. According to the details, Russell 2000® Index is a widely used performance indicator for smaller companies of the US equity market. The induction of Outlook Therapeutics in the index depicts the value we have created over the past year, said the CEO of Outlook Therapeutics.
Q2 2021 financial results
In May, the company announced the financial results for the second quarter of the fiscal year 2021, which ended March 31. The company reported a net loss of $0.09 per basic and diluted share. When compared with the second quarter of 2020, the company had a net loss of $0.36 per basic and diluted share. Apart from that, on the 31st of March, the company had cash and cash equivalents of $37.2 million.
Q1 2021 financial results
In February, the company reported first-quarter results for the fiscal year 2021 ended 31st December 2020. According to those, the company posted a net loss of $0.12 per basic and diluted share, as compared to a net loss of $0.62 per basic and diluted share during the same period in the previous year. The company had cash and cash equivalents of $5.6 million on the 31st of December, as compared to cash and cash equivalents of $12.5 million on 30th September 2020.
What future holds in store for OTLK stock?
Past developments have shown that Outlook Therapeutics has the tendency to come out of a rough phase of loss. Analysts expect that the company would post its final loss in 2022, and then would post a profit of $58 million in 2023. Also, the earning per share this year is estimated to stand at 66%. Optimistically, it is hoped that the near future could provide the company’s financial credentials with a much-needed boost. So, investors should keep a close watch on OTLK stock.