Why Is Eloxx Pharmaceuticals (ELOX) Stock Down 27% Today?


  • Eloxx Pharmaceuticals (ELOX) stock is dropping with the release of its Q1 earnings report.
  • The company missed earnings per share estimates for the quarter.
  • It also didn’t post any revenue for the period.
ELOX Stock - Why Is Eloxx Pharmaceuticals (ELOX) Stock Down 27% Today?

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Eloxx Pharmaceuticals (NASDAQ:ELOX) stock is falling hard on Tuesday after the company provided a weak earnings report for Q1 2023.

The bad news for ELOX stock starts with its losses per share of $2.88 cents. That’s worse than Wall Street’s losses estimate of $2.55 per share. However, it is an improvement over the company’s loss of $5.36 per share from the same period of the year prior.

Investors will note that Eloxx Pharmaceuticals is a clinical-stage biopharmaceutical company. That means the company has yet to actually bring any of its treatments to market. As such, it has no revenue to report for the first quarter of the year.

What The Future Holds for ELOX Stock

Sumit Aggarwal, president and CEO of Eloxx Pharmaceuticals, has high hopes for the company. He said the following during its latest earnings report:

“We are approaching a significant milestone for Eloxx, with topline data, including kidney biopsy results, expected for ELX-02 in Alport syndrome in the coming weeks. In addition, ZKN-013, our lead TURBO-ZM™ based molecule, is the first program developed from hit to lead and our excitement for the program continues to grow.”

Despite that positive sentiment from the company’s CEO, shares of ELOX stock are down 26.7% during pre-market trading on Tuesday. However, investors will note the stock jumped about 206% during normal trading hours on Monday.

Investors looking for even more of the most recent stock market news will want to keep reading!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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