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Eloxx (ELOX) stock skyrockets over 200% in a day; Here’s why

Eloxx (ELOX) stock skyrockets over 200% in a day; Here’s why

Shares of Eloxx Pharmaceuticals (NASDAQ: ELOX) soared more than 206% on Monday, May 15 after the US biopharmaceutical firm posted its financial results for Q1 2023 and issued a new business update. 

Eloxx, which develops drugs for rare and ultra-rate premature stop codon diseases, reported a net loss of $6.2 million in the first quarter, $2.88 per share, nearly 50% down from the $11.6 million net loss, or $5.36 per share, the company reported in the same quarter last year. 

Further, the drugmaker also reported $4.9 million in unrestricted cash and cash equivalents in for the three-month period. Eloxx said it expects that its current cash holdings will be enough to continue funding its operations into Q3 2023. 

Meanwhile, the drugmaker reported positive results from the ongoing phase 2 trial of ELX-02 – a drug that Eloxx developed to cure Alport syndrome. 

“We are approaching a significant milestone for Eloxx, with topline data, including kidney biopsy results, expected for ELX-02 in Alport syndrome in the coming weeks.”

– said Sumit Aggarwal, President and CEO of Eloxx.

ELOX price action

At the time of writing, ELOX shares were trading at $8.17. The stock surged 206.18% on May 15 to close at $10.90, but it then fell over 25% in after-hours. 

ELOX was up more than 292% at one point on Monday, hitting an intraday high of $14.57, but then lost some of its gains.

ELOX 1-day price chart. Source: TradingView

Over the past week, the drugmaker’s stock was trading in a significant range, from $3.64 to $10.46. 

Year-to-date, Eloxx saw its share price rise by a whopping 476.7%, though nearly half of those gains came from the surge on May 15 surge. 

What do technical indicators tell us? 

Based on a summary of all technical analysis (TA) indicators on the 1-day gauges on TradingView, ELOX is currently rated as a ‘strong buy,’ with 17 indicators suggesting a ‘buy,’ and 9 maintaining a ‘neutral’ rating. No indicators are recommending selling the stock.

ELOX technical indicators summary. Source: TradingView

Specifically, moving averages (MA) were also showing a ‘strong buy’ rating for ELOX, while oscillators rate it as a ‘buy.’ 

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