Why Did Atossa Therapeutics Inc (NASDAQ:ATOS) Hit a 2-Month High?

Atossa Therapeutics Inc (NASDAQ:ATOS) went up nicely on Friday and hit a new 2-month high. Investors seemed to be reacting to the ATOS news.

Market Action

ATOS stock soared almost 23% at $2.90 on Friday. More than 24.14 million shares traded hands for the session, more than twice its 30-day average volume. The stock opened at $2.41 and made a high and low of $3.0 and $2.41.

ATOS Issues Q1 Earnings

On Friday before the open, ATOS reported first-quarter 2021 financial results and provides a corporate update. Highlights Include:

  • As of March 31, 2021, the Company had cash, cash equivalents, and restricted cash of approximately $137.7 million.
  • R&D expenses for the three months ended March 31, 2021, were $1,379,000, an increase of $440,000 or 47% from total R&D expenses for the same period in 2020 of $939,000.

We expect our R&D expenses to continue to increase into 2021 as we seek to commence a study of AT-H201, complete studies of AT-301, launch a Phase 2 clinical trial of Endoxifen in women with high breast density, and continue the development of other indications and therapeutics.

Trader Notes

The stock is trading below its 50-day and 200-day moving average price of $2.27 and $2.21 respectively. The stock has gained 205% so far this year. Potential pivot points to watch are 3.18 and 3.77 above and 2.18 and 2.00 below. Look for ATOS to break above 3.05 to keep this rally rolling.

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