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Why 9 Meters Biopharma, Inc. (NMTR) stock is gaining in Pre-Market today?

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9 Meters Biopharma, Inc. (NMTR) stock was green in the pre-market trading session after suffering the drop of 4.31% at the previous closing. NMTR stock price saw a push of 13.51% to reach $1.26 a share at the time of this writing. There is no particular activity related to NMTR stock in today’s date however, 9 Meters stock on April 5, 2021, announced the closing of an offering of its common stock. Let’s deep dive to explore more of it.

What’s happening?

NMTR recently announced the closing of an offering of  34,500,000 shares of its common stock including additional sales of shares by underwriters at the public price of $1.00 a share. The offering was initiated on March 30, 2021, in which underwriters were granted the 30-day option to sell additional 4,500,000 shares of the common stock of NMTR. The gross proceeds were expected $30 million at that time without deducting the underwriting discounts and offering related expenses while the net proceeds resulted from these offerings after deducting underwriters’ discounts and other expenses were recorded at approximately 31.5 million at the closing of the offering.

Financial View of NMTR stock:

On March 22, 2021, NMTR announced its fourth quarter and full-year 2020 financial results according to which 9 Meter bore $5.0 million or $0.03 per share net loss in the fourth quarter of 2020 as compared to $8.5 million or $0.25 per share net loss in the same quarter of the previous year. For the full fiscal year 2020, the net loss of NMTR stock was  $61.5 million or $0.58 per while it was $27.0 million or $0.81 per share in 2019.

As of December 31, 2020, NMTR had cash and cash equivalents of $37.9 million which were significantly higher than the $4.6 million cash and cash equivalents at the end of 2019. As of March 19, 2021, NMTR generated additional proceeds of $6.7 million from warrant exercises.

Conclusion:

It seems that NMTR stock is hot among investors today, but it would be interesting to see how long this trend would persist in the future.Net proceeds were recorded more than the expected gross proceeds from the offering of NMTR stock. The financial report tells that 9 Meter has increased the value of its assets over the year. In short, investors should keep an eye on this stock.

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