Those who are looking into the stocks which rallied strongly on Wednesday must have come across the gains that were generated by the Entasis Therapeutics Holdings Inc (NASDAQ:ETTX) stock. It was one of the more notable movers yesterday and ended the day with gains of as much as 24%.
Trading Data
On Wednesday, ETTX stock soared 24.14% to $1.80 with more than 10.20 million shares, compared to its average volume of 133K shares. The stock has moved within a range of $1.5301 – 1.8500 after opening trade at $1.61.
Major Trigger
In light of such significant gains, it may be a good time for investors to consider taking a look at the trigger that led to the rally. Yesterday, it emerged that Entasis Therapeutics Holdings had submitted a key filing to the United States Securities and Exchange Commission.
In this context, it may be a good idea to take a look at the company’s financial results that had been announced on November 4 last year. However, the performance was not particularly strong, considering the fact that it suffered from losses to the tune of as much as $12.4 million.
As a matter of fact, the research and development expenses alone went up to as much as $9.3 million. On the other hand, the company also announced at the time that it had $44.1 million in the form of cash and cash equivalents. It remains to be seen if the stock can add to its gains today.
Technical Data
ETTX stock is trading below the 20-Day and 50-Day Moving averages of $1.80 and $2.13 respectively. However, the stock is above 200-Day moving average of $2.52.
