Avalo Therapeutics (AVTX) Stock: Why It Increased 10.96%

By Amit Chowdhry ● Aug 5, 2022
  • The stock price of Avalo Therapeutics (AVTX) increased by 10.96% in the previous trading session. This is why.

The stock price of Avalo Therapeutics (AVTX) increased by 10.96% in the previous trading session. Investors responded to the company’s Q2 2022 results.

Avalo Therapeutics reported a Q2 GAAP EPS of ($1.38), which beat expectations by $0.37. And the revenue for the quarter was $1.03 million, which was $0.29 million higher than expectations.

KEY QUOTE:

“We have made significant progress advancing our clinical trials while also securing critical nondilutive capital since our first quarter business update. We are pleased to have enrolled the first patient in both our Phase 2 PEAK trial of AVTX-002 in NEA as well as our pivotal LADDER trial of ATX-803 in LAD II. Additionally, it’s critically important that we secured approximately $15 million of initial consideration from our license and transfer of our AVTX-007 program. The transaction allows us to operationally and financially focus on our most promising programs, most notably AVTX-002.”

— Dr. Garry Neil, President and Chief Executive Officer of Avalo Therapeutics