RedHill Biopharma Ltd. (RDHL), a specialty biopharmaceutical company, has increased by 6.56% in the premarket trading session. As a result, RDHL stock is changing hands at $5.20 at the time of this writing. On Monday, RDHL stock rose 11.67% in regular trading session and closed the day at $4.88. The continuous rise of RDHL stock could presumably be related to the presentation of analysis about phase 2/3 data.
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RDHL reported data from the study
On Monday, RDHL reported new data from opaganib global Phase 2/3 study. The study was carried out in hospitalized patients with severe Covid-19. The study showed that the treatment with oral opaganib (ABC294640) as compared to placebo-controlled arm caused a reduction of 62% in mortality. Besides that, there was a significant improvement in time to room air and median time to hospital discharge in a group of 251 hospitalized. They were all moderately severe Covid-19 patients and comprised 53% of 475 study participants. The company said that the results were from a post-hoc analysis of data from 251 of the study participants; it required a fraction of inspired Oxygen up to 60% at the baseline. The patients having a fraction of inspired oxygen less than or equal to 60% were considered to be severely affected. They required oxygen supplementation. Mark L. Levitt, MD, PhD, Medical Director at RedHill, said that the findings support the potential for opaganib’s use in hospitalized, moderately severe COVID-19 patients.
RDHL stock Q2 2021 financial results
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On 26th August, RDHL reported the quarterly results for the second quarter of the fiscal year 2021, which ended 30th June 2021. According to the details, the company generated net revenues of $21.50 million during the quarter. Compared to that, during the equivalent period of 2020, the net revenues stood at $20.89 million. The gross profit for three month period stood at $10.91 million, while during the equivalent period of 2020, it was $6.71 million. The total expenses for the period stood at $35.79 million. During the equivalent period of 2020, the total expenses were $19.21 million. The net loss for the period was $29.12 million (or $0.06 per basic and diluted share). Compared to that, the net loss for the equivalent three month period of 2020 was $16.04 million (or $0.04 per basic and diluted share). The company had cash and cash equivalents of $51.81 million on 30th June. The total stood at $203.67 million, while total liabilities were $174.09 million.
What’s ahead for RDHL?
Recent past performance indicators are revealing a grim picture for RDHL stock. The stock has declined by 51% during the last month, the primary reason being a failure in the performance of opaganib at various fronts. But as the recent study results have shown, RDHL stock could rise monumentally within the future based upon its innovation strategy.