Shares of the Kintara Therapeutics, Inc. (KTRA) stock were rising in the pre-market today on September 27, 2021. KTRA stock price saw a push of 2.61% to reach $0.903 a share at the time of this writing. The stock faced a huge downfall in the previous trade and went down by 21.43% at closing.
Kintara Therapeutics, Inc is a clinical-stage drug company that develops and commercializes therapeutics for treating cancer patients. Let’s dig in to understand the current behavior of this stock.
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There seems to be no news associated with the KTRA stock in today’s date to justify the bullish sentiment. No analyst has upgraded this stock in recent times. KTRA stock faced a huge downfall that followed the announcement of a $15 million offering of common stock by the company. The only reason behind this trigger is the positive sentiment of investors towards this stock on social media platforms. Investors are considering the low per-share price of the KTRA stock as an opportunity as they are optimistic that this stock will rise soon. The positive sentiment resultantly driving the KTRA stock price high in today’s premarket. For your intuition, let’s discuss the recent events of this stock.
KTRA stock to raise $15 million in gross proceeds:
On September 24, 2021, KTRA made securities and purchase agreements with certain health care institutional investors to generate gross proceeds of approximately $15 million. Under this agreement, KTRA stock will offer 12,000,000 shares of its common stock and warrants priced at a premium to market. Kintara will sell each share along with one investor warrant to purchase one share of its common stock at a combined offering price of $1.25. The exercise price of investors warrants is $1.25 per share and will be exercisable for three and half years from the issuance date. After meeting the customary closing conditions, the offering is expected to close on or about September 28, 2021
KTRA stock reported Topline Results from phase 2 clinical study of VAL-083:
On September 22, 2021, Kintara stock announced topline results from the phase 2 clinical trial of VAL-08. Progression-Free Survival was 10.0 months for 36 patients that participated in the study and median overall survival was 16.5 months. One patient showed a serious adverse event during the study.
The sentiment is positive for Kintara stock in today’s premarket and it would be interesting to see how this stock plays out in the future. The overall performance concerning per share price is not so much satisfactory for this drug developer. It lost almost 51% in the last six months and 33% year to date. In a nutshell, investors must be cautious before making any decision.