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Here’s why Alterity Therapeutics Ltd. (ATHE) Stock Skyrocketed in the Aftermarket

Alterity Therapeutics Ltd. (ATHE) is a leading clinical stage biotherapeutics company which is primarily focused on the neurodegenerative diseases such as Alzheimer’s disease, Huntington Disease, Parkinson’s and several other disorders. The company’s lead product candidate is ATH434 is in Phase 1 trials to treat Parkinsonian diseases. Also, PBT2 is a Phase 2 trial drug to treat Alzheimer’s disease.

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The price of ATHE stock during the regular trading on January 5, 2022 with 3.67% incline was $0.83. At last check in the aftermarket, the stock skyrocketed by 35.02%.

ATHE: Events and Happenings

On January 5, 2022, ATHE reported that the company’s Executives will present at the Virtual H.C. Wainwright BIOCONNECT Conference which will be held on January 10-13, 2022. On December 14, 2021, ATHE reported that the New Zealand Medicines and Medical Devices Safety Authority had approved the company’s clinical trials for ATH434 to treat Multiple System Atrophy which is a neurodegenerative disorder.

ATHE: CEO Comments

Speaking at the occasion, the company’s CEO, David Stamler said that the authorization of the drug candidate by the New Zealand health authorities is a momentous accomplishment to start the clinical study in Q1 2022. He further added that ATH434 specifically blocked α-synuclein accumulation and it also restored the brain’s iron balance.

On November 22, 2021, ATHE reported that the company’s Executives presented at two investor conferences being held virtually. They include MST Financial Lifesciences & Biotech Forum on November 24 and Benchmark Company Discovery One-on-One Investor Conference on December 2, 2021.

On November 9, 2021, ATHE reported about the company’s demonstration at the 32nd Annual American Autonomic Society International Symposium on the Autonomic Nervous System. The company exhibited a poster and video presentation at the event. On November 5, 2021, ATHE reported about the publication of two preclinical studies representing ATH434 potential to cure Parkinsonian diseases.

On October 29, 2021, ATHE reported the release of its Appendix 4C Quarterly Cash Flow results for the quarter ending 30 September 2021 (Q1 FY22). Cash balance and quarterly operating cash outflow reported for Q1 FY22 (in Australian Dollars) were $41.3 million and $4.9 million respectively.

Conclusion

ATHE’s stock is 50% down the past six months period due to the pandemic but the stock conditions are now normalizing for the company as the stock price boomed in the current aftermarket session. The surge is due to the company’s announcement regarding its presentation at bioconnect conference. The analysts are of the view that the company is outperforming from last few days and it will keep on track in the coming days.

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