Sio Gene Therapies Inc. (SIOX) stock rises in premarket: Here’s Why

Shares of the Sio Gene Therapies Inc. (SIOX) stock rose in the premarket today on October 19, 2021. SIOX stock price saw an uptrend of 5.022% to reach $2.30 a share at the time of this writing. The stock was green in the previous trade and went up by 0.46% at closing. Let’s try to figure out the reason behind this bull.

What’s Happening?

There is no major announcement behind the rising per share price of SIOX stock so far. No press release or any stock-specific news has been announced in today’s date to justify the bullish sentiment. The discussions among investors in the social media platforms like Reddit, Stock Twits, Twitter, etc. are driving the stock price up in today’s premarket.  The sentiment is positive as abstracts are positive from poster presentation and it is expected that the SIOX stock will present positive data in the European Society of Gene & Cell Therapy (ESGCT) Virtual Congress 2021. The three-day virtual congress will start on October 19, 2021, and will end on October 22, 2021.

SIOX stock will discuss clinical and preclinical data in the two oral presentations and one poster presentation in the three-day virtual congress. Sio stock will provide an update on the Phase 1/2 trial of AXO-AAV-GM1, a gene therapy to treat Type I and Type II GM1 gangliosidosis. SIOX stock will discuss data from both low and high-dose cohorts. The company will also discuss the 24-month data from Phase 1/2 study of AXO-Lenti-PD gene therapy to treat Parkinson’s disease.

Previous news by SIOX stock:

On September 09, 2021, SIOX stock did announce the dosing of first Type I patient in the low-dose cohort of its ongoing Phase 1/2 study of AXO-AAV-GM1, a therapy to treat GM1 gangliosidosis. The results were positive at that time and no adverse events by the administration team had been reported. The study enrolled a total of nine patients across the high and low-dose cohorts.

Financial View of SIOX stock:

According to the fiscal year ended March 30, 2021, the company suffered a net loss of $32.4 million, or $0.62 per share. This compares to the net loss of $72.6 million, or $2.93 per share in the previous year. Sio stock spent $24.9 million in research and development expenses and $17.3 million in general and administrative expenses. The company had $119.0 million in cash and cash equivalents by the end of March 31, 2021.

About Sio Gene Therapies Inc:

Sio Gene Therapies Inc is the clinical-stage medical stock that develops therapeutics for the treatment of neurodegenerative diseases. The company is developing AXO-Lenti-PD to treat Parkinson’s disease, AXO-AAV-GM1 for GM1 gangliosidosis, and AXO-AAV-GM2 for GM2 gangliosidosis. The company was founded in 2014 and is headquartered in New York, New York.