Why the Immuron (ASX:IMC) share price fell today

The Immuron (ASX:IMC) share price closed lower today following the company's recently released earnings report. Here's the run down.

| More on:
woman in lab coat conducting testing representing biotech

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Immuron Ltd (ASX: IMC) share price closed over 4.4% lower today at 22 cents a share.

The slide follows the release of the biotechnology company's half-year (1H21) results for the period ended 31 December 2020.

Let's take a closer look at how Immuron has been performing recently.

What did Immuron report?

The company reported a 98.7% revenue crash for the period, with 1H21 revenue coming in at $20,000.

Immuron incurred a $5.7 million loss for the period, which was 277.2% greater than the $1.5 million loss of 1H20.

Compared to 30 June 2020, the group's net assets increased from $5.6 million to $28.5 million as of 31 December 2020. Cash reserves also increased over this period from $3.3 million to $26.4 million.

The business received $358,280 during the period via the government's research and development (R&D) income tax concession program.

The Immuron share price lost 2.6 cents a share for the 1H21 period, versus a loss of 9 cents a share for 1H20.

Clinical progress and updates

Immuron's focus is the development and sale of oral immunotherapeutics to prevent and treat unmet medical needs. The company's orally active polyclonal antibodies provide a targeted delivery inside the gastrointestinal tract so they do not cross into the bloodstream

The company advised that it continued to progress a number of clinical developments during the 1H21 period. 

Some milestones reached include receiving written guidance from the US Food and Drug Administration (FDA) in relation to a new drug the company is developing, completing a successful vaccination campaign, and executing a research agreement with Monash University.

Immuron also recommenced its Travelan US registration strategy. Travelan is an over-the-counter supplement that can be taken to reduce the risk of travellers' diarrhoea. The company notes that the coronavirus has significantly disrupted international travel throughout the world. According to Immuron, COVID continues to impact every Travelan market.

Immuron share price snapshot

The Immuron share price has gained 60.7% over the previous year, however, it's fallen 29.7% over the past 6 month period.

The company's market capitalisation is approximately $51.1 million and there are 227.2 million shares outstanding.

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Avita Medical, GenusPlus, Mesoblast, and Polynovo shares are storming higher

These shares are having a better day than most today. But why?

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Charter Hall Retail, DroneShield, FBR, and St Barbara shares are tumbling today

These shares are having a tough time on Tuesday. But why?

Read more »

Contented looking man leans back in his chair at his desk and smiles.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these stocks.

Read more »

A female broker in a red jacket whispers in the ear of a man who has a surprised look on his face as she explains which two ASX 200 shares should do well in today's volatile climate
Broker Notes

2 of the best ASX shares to buy in 2025

Bell Potter is feeling bullish on these shares as the new year approaches.

Read more »

A happy man and woman on a computer at Christmas, indicating a positive trend for retail shares.
Share Market News

5 things to watch on the ASX 200 on Tuesday

Will the market give investors a little Christmas present today?

Read more »

Young boy in business suit punches the air as he finishes ahead of another boy in a box car race.
Opinions

Why I think these 2 ASX 300 stocks will beat the market in 2025

I’m very optimistic about a few ASX growth shares.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why EML, GQG Partners, IGO, and Integrated Research shares are sinking today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of…

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why EOS, News Corp, Polynovo, and Pro Medicus shares are roaring higher today

These shares are starting the week positively. But why?

Read more »