The Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) stock was in the middle of a selloff on Tuesday as investors headed for the exits and ended the day with a decline of as much as 8.50%.
Trading Data
On Tuesday, ADMP stock slumped 8.35% at $0.81 with more than 4.96 million shares, compared to its average volume of 6.11 million shares. The stock has moved within a range of $0.7500 – 0.8500 after opening trade at $0.76.
Earnings Recap
There was no news about the company on Tuesday but the day before the company had been in the news after it announced its financial results for the nine month period that had concluded on September 30, 2021. In this situation, it might be a good time to take a closer look at the financial results. In the nine month period ending September 30, 2021, the company managed to bring in revenues of as much as $3.4 million and that represented a significant rise from the $2.1 million in revenues from the prior year period.
The rise in revenues primarily came about due to the marketing initiatives for SYMJEPI from US WorldMeds. On the other hand, the expenses related to selling, general and administrative overheads stood at $13.2 million for the nine month period and the reflected a significant rise from the $9.6 million spent in the prior year period. However, the rise in expenses was mainly due to a rise in legal fees during the period.
Key Quote
“Adamis made significant advancements over the past year,” stated Dennis J. Carlo, Ph.D., President and Chief Executive Officer of Adamis Pharmaceuticals. “We resubmitted our NDA for ZIMHI to the FDA. We initiated and began enrolling patients in a Phase 2/3 clinical trial to evaluate the use of Tempol for the treatment of COVID-19. Under our new commercial partner, we have seen significant sales growth for SYMJEPI. Most significantly, in October we received an early approval for ZIMHI for the treatment of opioid overdose and commercial introduction is expected during the first quarter of 2022.”
Technical Data
ADMP stock is trading below the 20-Day and 50-Day Moving averages of $0.98 and $1.04 respectively. Moreover, the stock is trading below the 200-Day moving average of $1. The stock is down 26% in the past month.
