The Altamira Therapeutics Ltd (NASDAQ:CYTO) stock was one of the major laggards on Tuesday as it went into a downward spiral and ended up with a decline of as much as 30% for the day.
Trading Data
On Tuesday, CYTO stock moved down 31.33% to $1.14 with more than 4.10 million shares, compared to its average volume of 1.23 million shares. The stock moved within a range of $1.0500 – 1.5300 after opening trade at $1.37.
Altamira Therapeutics Provides Business Update and Reports Second Half and Full Year 2021 Financial Results
The company, which is involved in focussing medical needs which are unmet, came into focus on Tuesday after it announced its financial results for the second half as well as full fiscal year of 2021. In this situation, it may be a good idea to take a look at some of the highlights from the financial results.
In the full year 2021, the Altamira managed to generate its first ever revenues from the product Bentrio which it had launched last year. The product managed to bring in revenues of as much as CHF 0.1 million.
On the other hand, total revenues for the full year came inn at CHF 15.4 million and that represented a considerable rise from the CHF 5.5 million in revenues that were generated in the prior year period. The research and development expenses for the full year stood at CHF 8.9 million and that was again a lot higher than the CHHF 2.9 million that was spent in 2020 fiscal year.
Key Quote
“We are progressing preclinical development of AM-401 for treatment of KRAS-driven cancer as the first indication for our OligoPhore delivery platform with siRNAs,” stated Thomas Meyer, Altamira Therapeutics’ founder, Chairman and CEO. “In our legacy business, we are laying the foundations for long-term growth with our drug-free Bentrio nasal spray through partnering with international distributors, as well as advancing our AM-125 nasal spray for vertigo treatment towards important milestones this year.
Technical Data
CYTO stock is above the 20-Day and 50-Day Moving averages of $1.09 and $1.06 respectively. However, the stock is trading below the 200-Day moving average of $1.89.
