Iterum Therapeutics Inc. (NASDAQ:ITRM) Stock Resumes Downtrend: Quarterly Earnings In Focus

November 15, 2021November 15, 2021 Ash K Iterum Therapeutics (NASDAQ:ITRM), ITRM, ITRM news, ITRM stock, NASDAQ:ITRM

Iterum Therapeutics Inc. (NASDAQ:ITRM) fell 7% on Friday after the company announced its Q3 2021 financial results for the quarter ending September 30, 2021.

Market Stats

On Friday, ITRM stock moved down 6.73% to $0.5680 with more than 8.57 million, compared to its average volume of 5.54 million shares. The stock has moved within a range of $0.5500 – 0.6090 after opening trading at $0.58.

Quarter Earnings Review

CEO Corey Fishman said that the company had a fruitful Type A meeting with the US FDA in Q3 discussing various possible paths supporting prospective resubmission of the New Drug Application for oral sulopenem in uncomplicated urinary tract infection treatment. Fishman said the company has since asked for a Type B meeting with the agency with the objective of agreeing on the research design for the Phase 3 study in uUTI treatment. The CEO added that once the trial is successful, it will lead to the resubmission of the NDA.

At the end of the quarter, the company has $85.7 million in cash, equivalents, and near-term investments. Iterum expects the cash to find operations through 2024 based on the present operating plan and subject finalizing the design and conduct of possible non-clinical and clinical development of sulopenem. Therefore, IDEX is worth watching.

Key Quote

“We had a productive Type A meeting with the U.S. Food and Drug Administration (FDA) in the third quarter in which various potential paths forward to support potential resubmission of our New Drug Application (NDA) for oral sulopenem for the treatment of uncomplicated urinary tract infections (uUTI) were discussed. We have since requested a Type B meeting with the FDA with the goal of reaching agreement on the design of a Phase 3 trial for oral sulopenem for the treatment of uUTI that, if successful, could lead to a resubmission of our NDA,” said Corey Fishman, Chief Executive Officer.

Traders Corner

ITRM stock is trading below the 20-Day and 50-Day Moving averages of $0.57 and $0.58 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.16. The stock is up 7% in the past month.