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Iterum Therapeutics PLC (NASDAQ:ITRM) shares are trending Tuesday after the company announced its Phase 3 Reassure trial met the primary endpoint of non-inferiority to Augmentin.
The Details:
Iterum Therapeutics announced positive topline results from its REASSURE (REnewed ASsessment of Sulopenem in uUTI caused by Resistant Enterobacterales) Phase 3 clinical trial comparing oral sulopenem (sulopenem etzadroxil combined with probenecid in a bilayer tablet) to oral Augmentin.
“We are very pleased to announce positive data from this confirmatory trial, which was conducted under special protocol assessment (SPA) agreement with the U.S. Food and Drug Administration (FDA),” said Corey Fishman, Iterum’s CEO.
“With the positive data from this trial, we plan to resubmit our New Drug Application (NDA) for oral sulopenem for the treatment of uUTI in the second quarter of 2024. At the same time, with these results in hand, we will be focusing on a strategic process to sell, license, or otherwise dispose of our rights to sulopenem with the goal of maximizing value for our stakeholders.”
Iterum shares are moving on heavy trading volume with more than 20.5 million shares already traded in the session. According to data from Benzinga Pro, the stock’s 100-day average volume is less than 166,000 shares.
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Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Iterum Therapeutics, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Iterum Therapeutics, the 200-day moving average sits at $1.18, according to Benzinga Pro, which is below the current price of $1.8. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
ITRM Price Action: According to Benzinga Pro, Iterum Therapeutics shares were flat at the time of publication.
Image: PublicDomainPictures from Pixabay
Posted In: ITRM
