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Here’s why Aptose Biosciences, Inc. (APTO) Stock Going up in the Pre Market

Aptose Biosciences, Inc. (APTO) is a leading clinical-stage biopharmaceutical company engaged in the development of customized therapies for oncology patients with a primary focus on hematology. The lead candidate is APTO-253 which is in Phase 1 clinical trials for the treatment of refractory blood cancer. Other products are also in the clinical trial stage for the treatment of acute myeloid leukemia.

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The price of APTO stock during the regular trading session of December 20, 2021, was $1.39 with a significant decline of 7.33%. At last check in the pre-market on December 21, 2021, the stock was up by 3.60%.

Events and Happenings

On December 20, 2021, APTO reported the discontinuation of further clinical trials of APTO-253. The decision was the result of focusing on the company’s other innovative products, along with an evaluation of the product profile and updated performance of APTO-253, including a clinical hold placed by the FDA.

On December 13, 2021, APTO announced the oral myeloid kinome inhibitor HM43239 had shown durable single-agent activity in AML patients. The outcomes were presented at the American Society of Hematology (ASH) Annual meeting 2021. The company management also provided the corporate update of APTO.

On November 22, 2021, APTO announced that the company’s top officials participated in the Virtual Piper Sandler 33rd Annual Healthcare Conference. The conference was held from November 29-December 2, 2021.

Key Financials

On November 11, 2021, APTO reported its financial results for the third quarter ended September 30, 2021. Key highlights are as follows

Net Loss per Share

The basic and diluted net loss per share for third-quarter 2021 was $11.3 million or $0.13 per share as opposed to $13.2 million or $0.15 per share for the same period of 2020.

Total Current Assets

Total current assets of the company were $96 million as of the third quarter of 2021. While for the same period prior year the assets were $133 million.

On November 04, 2021, APTO reported that it had finalized with Hanmi Pharmaceutical, the exclusive license agreement, for the development and commercialization of HM43239. It is a myeloid kinome inhibitor (MKI) used for the treatment of AML.

Conclusion

The APTO stock is down 42% as compared to the last month. But the recent surge of stock in the pre-market is possibly due to the fact that the company discontinued the trials for APTO-253 (which was on clinical hold) and shifted its concentration to other much important product candidates. The investors are optimistic that the company’s stock will soon skyrocket.

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