SAN DIEGO, CA – Gossamer Bio, Inc. (NASDAQ:GOSS), a pharmaceutical company, announced today that it has received confirmation from the Nasdaq Stock Market that the company is back in compliance with the minimum bid price requirement.
This follows a previous notification from Nasdaq on May 22, 2024, indicating Gossamer Bio's non-compliance due to its common stock trading below the $1.00 minimum bid price for over 30 consecutive business days.
The compliance notice, dated July 18, 2024, states that Gossamer Bio's common stock has achieved the necessary bid price to satisfy Nasdaq Listing Rule 5450(a)(1). The company is now in good standing with the Nasdaq Global Select Market's continued listing standards, and the minimum bid price concern has been formally resolved.
Gossamer Bio, headquartered at 3013 Science Park Road, San Diego, California, operates within the pharmaceutical preparations sector and is incorporated in Delaware. The company's fiscal year concludes on December 31.
This development is a positive step for Gossamer Bio, following a period of trading below the required threshold. The return to compliance signifies that the company's stock price has been at or above the $1.00 minimum bid price for the necessary period as dictated by Nasdaq's regulations.
Today's announcement is based on a statement released by Gossamer Bio, Inc. through an 8-K filing with the Securities and Exchange Commission. The company's executive team, including Executive Vice President of Technical Operations & Administration Christian Waage, has not provided additional comments on the matter. For investors, this news confirms Gossamer Bio's adherence to market listing requirements and may contribute to a more stable trading environment for the company's shares.
In other recent news, Gossamer Bio Inc . has seen a flurry of activity, with Piper Sandler maintaining an Overweight rating and a price target of $15.00 for the company. This decision comes in light of the ongoing Phase 3 PROSERA study for the company's drug, seralutinib, developed for pulmonary arterial hypertension (PAH).
The recent failure of a competing drug has led to increased interest in and enrollment for the PROSERA study, with Piper Sandler noting the significance of seralutinib as the only remaining Phase 3 PAH drug candidate.
Moreover, Gossamer Bio has formed a global alliance with Chiesi Farmaceutici for the development and commercialization of seralutinib. This partnership includes a $160 million development reimbursement from Chiesi to Gossamer, with a potential of up to $146 million in regulatory milestones and $180 million in sales milestones.
The collaboration is expected to expand the reach of seralutinib to patients worldwide and does not preclude potential mergers and acquisitions in the future.
Gossamer Bio has also reported positive results from its Phase 2 TORREY study for seralutinib, showing a significant improvement in reducing pulmonary vascular resistance in patients compared to those on placebo.
Following these promising results, seralutinib has been advanced to the global Phase 3 PROSERA Study. These recent developments underscore Gossamer Bio's commitment to addressing medical needs for patients with pulmonary hypertension.
InvestingPro Insights
Following Gossamer Bio's recent compliance with Nasdaq's minimum bid price requirement, real-time data and InvestingPro Tips shed light on the company's financial health and market performance. With a market cap of approximately $242.05 million and a notable Price / Book ratio of 8.89 as of Q1 2024, Gossamer Bio stands out in its sector.
Despite challenges such as weak gross profit margins and analysts' expectations that the company will not be profitable this year, Gossamer Bio's liquid assets surpass its short-term obligations, indicating a degree of financial resilience.
InvestingPro Tips highlight that Gossamer Bio's stock has experienced significant volatility, with a substantial price uptick over the last six months resulting in a 25.33% total return. Still, the stock has taken a hit over the last week, with an 11.38% negative total return, illustrating the fluctuations investors may face. For those considering an investment in Gossamer Bio, it is worth noting that the company does not pay a dividend, which may influence the investment strategy for income-focused portfolios.
For a deeper analysis and additional tips on Gossamer Bio, investors can explore InvestingPro, which offers a comprehensive suite of tools and insights. The platform currently lists over six additional InvestingPro Tips that could guide investors in making informed decisions. To access these insights with a special offer, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.