What initially effected the change was that the company announced results from its Phase 2 Leadership trial with AQX-1125 in patients with bladder pain syndrome/interstitial cystitis. Aquinox also provided a general business update and reported financial results for the second quarter, ending June 30, 2015.
In terms of its financial results, the company had cash, cash equivalents and investments totaling $29.0 million at the end of the second quarter, compared to $41.1 million at the end of December 2014. At the same time, the net loss was $4.8 million, compared to a net loss of $5.4 million for the second quarter of 2014. This decline in net loss reflected the decrease in research and development expenses.
Aquinox reported top line results from its Leadership trial on June 25, 2015, that did not reach statistical significance in its primary endpoint. However, the results demonstrated an encouraging trend in pain reduction for patients treated with AQX-1125, as compared to the placebo.
In a recent SEC filing, a firm has stepped forth and announced nearly a 40% stake in Aquinox. Baker Bros. Advisors announced ownership of about 4.27 million shares, which totals an impressive 39.8% ownership. Aquinox had a total of roughly 10.73 million shares of common stock outstanding as of August 5, 2015. At current prices this stake would be valued at $178 million.
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As of the most recent settlement date, Aquinox saw its short interest drop to 9,861, with one day to cover, from the previous level of 23,868, with one day to cover.
Shares of Aquinox were up 8.3% at $21.97 Friday morning. The stock has a consensus analyst price target of $8.67 and a 52-week trading range of $1.38 to $55.75.
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