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Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) Stock Is All Set To Gap-Down Following Q3 Earnings

Ash K , , , ,

Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) was down 17% in pre-market after the company announced its Q3 2021 financial results and offered a corporate update.

Market Stats

On Monday, ADMP stock decreased 1.97% at $0.88 with more than 3.52 million shares, compared to its average volume of 6.21 million shares. The stock has moved within a range of $0.8801 – 0.9449 after opening trading at $0.91.

Earnings Review

The company’s CEO Dennis Carlo said that the company had made considerable advancements in the past 12 months, including resubmission of ZIMHI NDA to the US FDA. In addition, Carlo said that Adamis initiated and commenced patient enrolment in the phase2/3 clinical study evaluating Tempol use in COVID-19 treatment. Also, the company has witnessed significant growth in SYMJEPI sales under its new commercial partner. In October, ZIMHI received approval for opioid overdose treatment, and the company expects a commercial launch in Q1 2022.

For the nine months ending September 30, 2021, the company reported revenues of $3.4 million compared to $2.1 million a year ago. The increase was attributable to US WorldMed’s commercial initiatives for SYMJEPI. At the end of the quarter, the company had $28.7 million in cash, which is adequate to last the company four-quarter as the shutdown of USC will reduce cash expenditures. So ADMP is worth watching.

Key Quote

“Adamis made significant advancements over the past year,” stated Dennis J. Carlo, Ph.D., President and Chief Executive Officer of Adamis Pharmaceuticals. “We resubmitted our NDA for ZIMHI to the FDA. We initiated and began enrolling patients in a Phase 2/3 clinical trial to evaluate the use of Tempol for the treatment of COVID-19. Under our new commercial partner, we have seen significant sales growth for SYMJEPI. Most significantly, in October we received an early approval for ZIMHI for the treatment of opioid overdose and commercial introduction is expected during the first quarter of 2022.”

Traders Corner

ADMP stock is trading below the 20-Day and 50-Day Moving averages of $1 and $1.04 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.01. The stock is down 19% in the past month.