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Here’s the Reason of Decline of Adagio Therapeutics, Inc. (ADGI) Stock in Pre Market

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 with the potential for a strong blend of extent, potency, durable defense, affordability and manufacturability.

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On December 17, 2021, the price of ADGI stock with a significant decline of 19.04% was $11.48. At the last check, in the pre market of December 20, 2021, the stock further declined by 5.66%.

Events and Happenings

On December 17, 2021, Omega Funds reported that it had closed its seventh and largest fund with $650 million in limited partner capital commitments. Omega Fund VII was overburdened, surpassing the company’s targeted rise of $500 million. With Fund VII, the company continued to accomplish its approach of creation and investment in healthcare firms. ADGI was included in the list of Omega Funds’ recent public offerings and exits.

On December 14, 2021, ADGI updated following its external in vitro studies to assess the neutralizing activity of ADG20 against the Omicron variant. The data was generated through authentic and pseudo virus testing of the Omicron variant. The data revealed greater than 300-times decrease in neutralizing activity of ADG20 against Omicron.

CEO Comments

On November 29, 2021, ADGI updated about its lead SARS-CoV-2 antibody, ADG20, to address the Omicron variant. ADG20 is designed with potential period of safety for one year in a single injection. On this occasion CEO of ADGI Tillman Gerngross told that the company expected continued evolution of SARS-CoV-2 and anticipated some early therapies and vaccines to be ineffective.

Key Financials

On November 15, 2021, ADGI reported its third quarter 2021 financial results for the quarter ended September 30, 2021. Some of the key features are as follows

Net Loss per Share

Basic and diluted net loss per share for the Q3 2021 was reported to be $60.4 million, or $0.98 per share. While for the same period prior year it was $48 million or $25.98 per share.

Total Assets

Total current assets for the company were $680 million for third quarter 2021.

On November 10, 2021, ADGI reported that the company’s management represented ADGI in different investor conferences such as Stifel 2021 Virtual Healthcare Conference on November 16, 2021, Jefferies 2021 Virtual London Healthcare Conference held on November 16-19, 2021 and Evercore ISI 4th Annual HealthconX Conference held on December 1, 2021.

Conclusion

The stock of ADGI declined more than 40% from the past month and from past few days a decline of 68% was observed mainly due to the closing of the omega funds. The investors are still expectant that the company will attract the potential investors and still has the potential to attract stockholders.

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