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Eloxx Pharmaceuticals, Inc. (ELOX) Stock Nose-Diving in the Pre Market Despite any Clear Cause

Eloxx Pharmaceuticals, Inc. (ELOX) is a leading biopharmaceutical company aimed at developing innovative Ribosome Modulating Agents (RMAs). These RMAs are developed for the treatment of rare premature stop codon diseases. ELX-02 (under phase 2 clinical trials) basically focuses on cystic fibrosis (CF). A variety of drugs under production include the treatment for several rare diseases such as hereditary diseases, carcinogenic non-sense mutations, autosomal dominant polycystic kidney diseases.

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The price of ELOX stock during the regular trading session of December 17, 2021, with a significant increase of 12.06% was $0.74. At the last check of the pre-market session of December 20, 2021, the stock declined by 7.95%.

Events and Happenings

On November 17, 2021, ELOX reported positive outcomes from Phase 2 clinical trials of its ELX-02 in Type 1 CF patients with more than one G542X non-sense allele mutation. ELX-02 was well tolerated by the patients and achieved a 5.4mmol/L drop in sweat chloride in patients at the1.5mg/kg/day dose.

Key Financials

On November 09, 2021, ELOX announced its financial highlights for the three months ended September 30, 2021. Some of the key aspects are as follows

Net Loss per Share

Net loss per basic and diluted share of $9.9 million, or $0.11 per share was reported for Q3 2021. For the same quarter of 2020, net loss was $6.6 million, or $0.16 per share.

Total Current Assets

Total current assets of $53 million were reported for Q3 2021 whereas for the same period of 2020 total current assets were $32 million.

On October 07, 2021, ELOX reported that it hosted an Investor and Analyst call and webcast on October 12, 2021. The event comprised of updates on the company’s cystic fibrosis programs. The event was planned to provide an understanding of ELOX CF programs.

On October 05, 2021, ELOX informed it had entered into a debt facility of up to $30 million with HTGC. ELOX had withdrawn the preliminary proportion of $12.5 million and used the amount to repay under the Company’s already present debt facility. The remaining funds were available in supplementary proportions upon the achievement of specific results.

On September 09, 2021, ELOX reported that FDA had granted Fast Track designation for ELX-02. The Phase 2 clinical trials were intended to calculate the safety of ELX-02 and evaluate its biological activity.

Conclusion

Although ELOX announced positive results from its Phase 2 clinical trials, yet the company’s stock is on a declining verge for the past six months. The current decline in the pre-market is due to uncertain market circumstances. The investors are hoping that the stock of ELOX will certainly improve its rating viewing the past results of the company.

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