Mon, Feb 26th 2024
Idorsia’s Surging Stock: Speculations Amid Silence
Swiss biotech firm Idorsia, based in Basel, has seen a spike in stock prices from just $2.25 a share to over $3.25, its highest point being Monday morning.
The Swiss biotech firm is working on a range of products for fighting insomnia, Fabry disease, resistant hypertension, suspected acute myocardial infarction, and more. The Swiss biotech firm employs over 800 people and is a large player in the space.
What has caused the dramatic rise in stock price over the weekend and into Monday morning? Their last official press release was over a month ago, surrounding the delay of their 2023 full-year financial results and the hopes for securing more funding in 2024 at a J.P. Morgan conference.
With this news being anything but riveting and the sudden spike in price, it may be reasonable to assume that the firm has secured its hoped funding. However, there could be other contributing factors: FDA approval may have come through, or the scope of sales for specific drugs have expanded across Canada, the USA, and Europe as they hoped.
Last year the company created 10 million treasury shares, is this a signal they are looking to go private, exiting the open market? Do they have excess cash reserves?
No news is coming from Idorsia being officially announced, so we are left wondering what is next for the Swiss biotech firm. Have they achieved more funding? Is this a result of internal information or pure speculation? We could not verify any further approvals on the FDA website, and so, for the time being, we are left in the dark as to what has caused this spike.
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