Oyster Point Pharma Inc (NASDAQ: OYST) has been one of the top performers since it went public in October. The company went public at $16, and immediately after, dropped to sub $14 levels. However, since Mid-November, it has gained upside momentum and as of the 24th of December, it closed the day at $22.54.
Since going public, the company has had a number of significant news that have played into its price action. On the 3rd of December, the company released its Q3 results that also included progress on its scientific developments.
In terms of financials, the company announced that it had cash and cash equivalents of $72.3 million. It also announced that, this amount did not include the $82.6 million that it received as net proceeds from its IPO that came to a close in November.
The company also announced that total spend on R&D increased in Q3 to hit $8.1 million compared to $5.8 million in a similar period in the last financial year. It attributed this increase to the advancement of OC-01, and fees that were paid to CROs and CMOs totaling to $1.5 million among other expenses.
In terms of scientific developments, the company announced that in November, it released top-line data from its Phase 1 study healthy volunteers. The company announced that, this study, dubbed ZEN, showed that OC-01 nasal spray was safe and that, there was good tolerance in all the tested doses.
More recently, on the 17th of December, the company announced that, its CEO, Jeffrey Nau, Ph.D would present at the 38th Annual J.P. Morgan Healthcare conference on January 14th 2020.
This was followed by an announcement on the 23rd of December that, the stock will be added to the Russell 2000, Russell 3000 and Russell Microcap indexes starting 23rd Dec 2019. Commenting on this development, the company CEO, stated that, they were happy with the development and that, they were looking forward to more awareness from investors.
From its price action on the 24th of December, the stock traded between a low of $20.97 and a high of $22.92 before closing the day at $22.54. Volumes in the day stood at 44.25k.
About Oyster Point Pharma
Oyster Point Pharma is a biopharma company that is focused on the treatments for ocular surface diseases. It is headquartered in Princeton, New Jersey.