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