Iteos Therapeutics, Inc. (ITOS), a clinical-stage biopharmaceutical company, has surged 6.94% in aftermarket trading session. Consequently, ITOS stock is trading at $49.79 at the time of the writing. The surge could be attributed to the announcement of ITOS addition to S&P SmallCap 600. On Friday, ITOS closed the day at $46.56 after declining 2.49% during the regular trading session.
Why ITOS Surging?
On Friday, the news came that ITOS would replace Magellan Health Inc. (MGLN) in the S&P SmallCap 600. The joining would become effective from the 5th of January 2022. MGLN is being acquired by S&P 500 constituent Centene Corp.
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Q3 2021 Operational Results
On 10th November, ITOS released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company had cash and cash equivalents of $899.8 million on the 30th of September. The license revenue for the quarter stood at $104.3 million against $0 for the same quarter of 2020. The research and developments expenses for the period were $16.1 million against $8.7 million while general and administrative expenses were $8.8 million against $4.8 million for the same period of 2020. The net income for the period was $69.6 million (or $1.98 per basic and diluted share) against the net loss of $11.6 million (or $0.48 per basic and diluted share) for the same period of 2020.
Executive Commentary
Michel Detheux, Ph.D., president, and chief executive officer of ITOS, while commenting on the results said that the company has continued to make advancements in its next-generation immunotherapies in multiple cancer indications. The company remains focused on converting its scientific innovations into improved clinical outcomes for the patients. The company plans to initiate several trials of additional combinations in the upcoming months.
Future Outlook for ITOS
The last three months have seen ITOS stock surge by more than 70%. The rise has come due to some positive developments which influenced the investor interest in the stock during the last few months. Analysts believe that the stock is in a good shape to thrive upon this momentum in the upcoming months as well.
