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Highlights:
- Shares of Invex have zoomed up more than 19% in last five trading sessions and by over 31% in a month (as of 1:35 PM AEST).
- Invex recently shared that it has received approval from FDI IND for its Presendin formulation.
- Also, the company recently shared its annual report for 2022 on ASX.
Shares of Invex Therapeutics Ltd (ASX:IXC) have been on the investors’ radar lately. The shares of Invex have even defied the benchmark index, ASX 200 Health Care (INDEXASX:XHJ), in terms of recent performance.
Invex shares have surged 19.64% in the last five trading sessions, and in last one month, it has gained 31.37%. The benchmark index (INDEXASX:XHJ), on the contrary, has recorded a fall of 2.22% in the last five days and shed off 0.05% in last one month.
The share performance of Invex is not glittery when we look at the past performance. The share price has dropped 5.63% on year-to-date basis. In past five years, the shares have declined 37.96%.
What happened in Invex lately?
Invex made headlines when the company shared that it has received a thumbs up from the US FDA (Food and Drug Administration) IND (Investigational New Drug Application) for Presendin and IIH EVOLVE Phase III clinical trial.
Image source: © Kapilnjoshi | Megapixl.com
In addition to this, on 19 August 2022, Invex shared its annual report for the financial year 2022. Invex said that the Covid-19 driven pandemic did not have any adverse or significant impact on the financial performance of the organisation. Although, the company observed some delays in completing the activities related to IIH EVOLVE clinical trials.
According to the ASX announcement, the company had AU$29.3 million in cash. The operating cash burn for the year was AU$3.4 million.
In the financial year 2022 (FY22), the company recorded a net loss after tax of AU$4.0 million. The loss was driven by the AU$2.6 million investment into research and development.
The research and development cost included the necessary expenditure required to push the IIH EVOLVE study further. The total R&D expenditure also includes the manufacturing cost associated with the Presendin.
Worth mentioning here is that Invex’s directors did not announce any dividend for the financial year 2022. With this, the annual yield of the company was 0%.
How are Invex shares performing today?
Today (23 August 2022), the share price of Invex was seen trading 2.290% up at AU$0.670 apiece at 1:51 PM AEST.
