Odonate Therapeutics Inc (NASDAQ:ODT) Stock Is In Downtrend: What Next?
The Odonate Therapeutics Inc (NASDAQ:ODT) stock was in the middle of a bit of a selloff yesterday in reaction to the announcement of the financial results for the three months as well as the six months periods that ended on June 30, 2021.
The company announced that at the end of the period on June 30, it had a cash balance of $110.1 million, down from as much as $157.1 million back on December 31, 2020. Odonate pointed out that the drop in the cash balance was primarily a function of cash that had been used in order to fund its operations during the first half of the year.
On the other hand, the company suffered net losses of $22 million and $55.8 million in the three month and six month periods respectively. The losses made in those periods worked out to $0.58 a share and $1.48 a share respectively.
However, it should be noted that the losses had actually been reduced by Odonate. In the corresponding three month and six month periods last year, the company had suffered losses of $33.4 million and $63.6 million respectively. That worked out to losses of $1.09 a share and $2.07 a share respectively.
Market Reaction:
On Tuesday, ODT stock fell 2.86% at $3.40 with more than 647k shares, compared to its average volume of 968k shares. The stock has moved within a range of $3.2000 – 3.4600 after opening the trade at $3.45. Over the past 52-week, the stock has been trading within a range of $2.8000 – 41.7500.
