Is A Break Out Coming? Stealth BioTherapeutics Corp (NASDAQ:MITO)

Stealth BioTherapeutics Corp (NASDAQ:MITO) is one of the biggest gainers in the pre-market session on Tuesday after the news.

Market Action

As of 7.45, MITO stock is trading at $1.53 up .34, gaining 28.50%. So far more than 2.90 million shares have traded hands.

MITO Got Development Funding

Late Monday, the company announced a news. Here are the key highlights:

Stealth BioTherapeutics Announces Additional Development Financing to Advance Elamipretide Clinical Trials

  • MITO announced that it has reached agreement with Morningside Ventures for Morningside to provide $30 million of additional payments to the Company during 2021 under its existing Development Funding Agreement. The payments will be paid to the Company in three tranches.
  • The additional payments were triggered by new positive analyses of clinical data from the ReCLAIM Phase 1 trial, announced on May 5, 2021, which associated baseline mitochondrial viability with improvements in vision for patients with geographic atrophy.
  • The Company also previously announced a new data analysis from its MMPOWER-3 Phase 3 clinical trial, which identified responders among patients with primary mitochondrial disease due to nuclear DNA mutations (nPMD), and plans to initiate a Phase 3 clinical trial in patients with nPMD based on these results.

“We are encouraged that Morningside shares our enthusiasm about these recent findings from our geographic atrophy and nPMD programs, which we believe will allow us to enrich our future studies in these indications,” said Reenie McCarthy, CEO of Stealth.

Trader Notes

Share Information


Recent Stock Performance

5-DAY PERF.-9.16%
1-MONTH PERF.+6.25%
3-MONTH PERF.-42.79%
6-MONTH PERF.-21.71%
YTD PERF.-20.40%
1-YEAR PERF.-37.04%

Moving Averages

+/- EMA(20)1.28 (-7.03%)
+/- SMA(50)1.43 (-16.78%)
+/- SMA(200)1.53 (-22.22%)

Pivot Points

NameS3S2S1Pivot PointsR1R2R3

Technical Indicators

CCI20-48.3475NeutralChaikin Money Flow-0.6877Sell
MACD-0.0607SellMoney Flow Index93.9634OverBought
STOCH (14,3)6.6667OverSoldSTOCH RSI0.0958OverSold
UO45.7277BuyWilliams %R-93.3333OverSold

Related Posts

About The Author