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FOSTER CITY, Calif. - Apollomics Inc., a clinical-stage biopharmaceutical company focused on oncology drug candidates, has received a 180-day extension from The Nasdaq Stock Market LLC to meet the exchange's minimum bid price requirement, the company announced today. This extension allows Apollomics until January 13, 2025, to maintain a minimum bid price of $1.00 per share for its Class A ordinary shares.
The company had been notified by Nasdaq on January 16, 2024, that it did not meet the Bid Price Requirement after its shares closed below $1.00 for 30 consecutive business days. To regain compliance, the closing bid price of Apollomics' ordinary shares must reach at least $1.00 for a minimum of ten consecutive business days before the extended deadline.
If Apollomics demonstrates compliance, Nasdaq will provide written confirmation. Failure to meet the requirement by January 13, 2025, may result in delisting, although the company would have the right to appeal the decision to a Nasdaq Hearings Panel.
Apollomics is actively monitoring its share price and exploring options to regain compliance. However, there is no guarantee that the company will achieve compliance with the Bid Price Requirement or other Nasdaq listing requirements.
Apollomics' key drug candidates include vebreltinib (APL-101), targeting non-small cell lung cancer and other tumors with c-Met alterations, and uproleselan (APL-106), aimed at treating acute myeloid leukemia and other hematologic cancers. The company is conducting Phase 2 and Phase 3 clinical trials in the United States and China, respectively.
The information is based on a press release statement, and the company's future compliance with Nasdaq's requirements remains uncertain. Investors are advised to consider the risks detailed in Apollomics' filings with the U.S. Securities and Exchange Commission, which are available on the SEC's website.
In other recent news, Apollomics Inc. underwent a reduction in its 12-month stock price target from $5 to $2 by H.C. Wainwright. The revision was in response to the company's Phase 3 study results, which did not meet the expected benchmarks.
The research was aimed at assessing the efficacy of uproleselan combined with chemotherapy in treating relapsed or refractory acute myeloid leukemia (R/R AML), but it failed to show a significant improvement in overall survival rates.
These findings have led to a reassessment of Apollomics' ongoing Phase 3 bridging study in China. H.C. Wainwright has adjusted the probability of approval for uproleselan in China from 40% to 10%, which significantly influenced the decision to lower the stock price target. The firm also reduced the discount rate applied to its model from 12% to 11%.
Despite the disappointing study results and the consequent changes, H.C. Wainwright maintained its Buy rating on Apollomics. This development is among the recent events that investors are closely monitoring as Apollomics continues with its Phase 3 bridging study in China. The company's ability to respond to the challenges brought about by the recent findings is crucial for its future prospects.
InvestingPro Insights
In light of Apollomics Inc.'s efforts to regain compliance with Nasdaq's minimum bid price requirement, investors may find the following metrics and tips from InvestingPro particularly enlightening. The company currently holds a market capitalization of $21.78 million, with a notably high revenue growth of 154.18% over the last twelve months as of Q4 2023. Despite this impressive growth, the company's share price has experienced a significant decline, with a 6-month price total return of -80.1% and a 1-year price total return of -96.45%, reflecting the challenges faced in the market.
InvestingPro Tips suggest that while Apollomics holds more cash than debt on its balance sheet, indicating some liquidity strength, the company is quickly burning through cash and is not expected to be profitable this year. Moreover, the valuation implies a poor free cash flow yield, which could be a concern for potential investors looking for positive cash flows. For those considering a deeper dive into the company's financials and future prospects, InvestingPro offers a total of 10 additional tips that could provide valuable insights.
Investors interested in exploring these additional tips can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro. With the next earnings date set for September 27, 2024, close monitoring of Apollomics' financial health and market performance will be crucial for investors making informed decisions.
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