On Monday, Aligos Therapeutics, Inc. (NASDAQ:ALGS) announced it has regained compliance with Nasdaq's minimum bid price requirement, closing the matter that began last year. The South San Francisco-based biopharmaceutical company received a notification from Nasdaq on September 3, 2024, confirming that its stock price has met the necessary threshold.
The compliance follows a previous notice from September 5, 2023, which indicated that Aligos' common stock had not maintained the required minimum bid price of $1.00 for 30 consecutive business days, as per Nasdaq Listing Rules 5450(a)(1) and 5550(a)(2). The company's successful return to compliance averts the risk of delisting from the exchange.
Aligos Therapeutics specializes in developing novel therapeutics for unmet medical needs in viral diseases and liver diseases. The company's shares are traded on the Nasdaq Capital Market under the ticker symbol ALGS.
The recent development may provide reassurance to investors and stakeholders regarding the company's financial stability and adherence to market regulations. Aligos Therapeutics, incorporated in Delaware and with a fiscal year-end of December 31, operates out of its corporate headquarters in California.
In other recent news, Aligos Therapeutics has been the subject of several analyst notes and has made significant strides in its various programs. H.C. Wainwright initiated coverage on Aligos Therapeutics with a Buy rating and a price target of $75.00, highlighting the potential of ALG-055009, a drug candidate for MASH in a Phase 2a study, and ALG-000184, a drug candidate for HBV in a Phase 1b trial.
In addition, Piper Sandler maintained an Overweight rating on Aligos with a price target of $7.00, emphasizing the potential of ALG-000184 for chronic hepatitis B patients.
Furthermore, Piper Sandler reiterated its Overweight rating, noting Aligos' significant presence at the European Association for the Study of the Liver conference where the company presented promising results for Hepatitis B patients. The firm anticipates significant events for Aligos with the expected Phase 2 HERALD trial results in the fourth quarter of 2024.
Aligos also reported encouraging Phase 1 results for its pan-coronavirus protease inhibitor, ALG-097558, suggesting potential for twice-daily dosing without the need for ritonavir boosting or food intake considerations.
The company received shareholder approval to increase its authorized common stock from 300 million to 500 million shares and made amendments to its 2020 Incentive Award Plan. These are among the recent developments in Aligos Therapeutics' journey.
InvestingPro Insights
As Aligos Therapeutics, Inc. (NASDAQ:ALGS) celebrates its return to compliance with Nasdaq's minimum bid price requirement, investors may be looking at the company's financial health and market performance with a keen eye. According to InvestingPro data, Aligos holds a market capitalization of $73.18 million, indicating its size within the biopharmaceutical sector. Despite recent compliance achievements, the company's revenue over the last twelve months as of Q2 2024 shows a significant decline of 53.82%, reflecting challenges in sales growth.
InvestingPro Tips for ALGS reveal a mixed financial picture. On the positive side, the company holds more cash than debt, suggesting a degree of financial flexibility (InvestingPro Tip #0). Furthermore, liquid assets exceed short-term obligations, which may provide some reassurance about the company's ability to meet its short-term liabilities (InvestingPro Tip #8). However, the company is not expected to be profitable this year, and analysts are anticipating a sales decline in the current year (InvestingPro Tips #3 and #6). Additionally, the stock has experienced significant volatility, with a 53.03% drop over the last six months (InvestingPro Tip #10).
For investors seeking a deeper dive into Aligos Therapeutics' financials and market performance, InvestingPro offers additional tips and insights. There are currently 11 more InvestingPro Tips available that could help investors make more informed decisions. The company's next earnings date is slated for October 31, 2024, which may provide further clarity on its financial trajectory.
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