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XORTX Therapeutics Inc ( (TSE:XRTX) ) just unveiled an update.
XORTX Therapeutics Inc. has successfully closed a registered direct offering, raising gross proceeds of US$1.1 million. The funds will be used for working capital and general corporate purposes, potentially strengthening the company’s financial position and aiding in the advancement of its clinical programs. This move could enhance XORTX’s industry positioning and provide benefits to stakeholders by supporting ongoing development efforts.
The most recent analyst rating on (TSE:XRTX) stock is a Buy with a C$14.00 price target. To see the full list of analyst forecasts on XORTX Therapeutics Inc stock, see the TSE:XRTX Stock Forecast page.
Spark’s Take on TSE:XRTX Stock
According to Spark, TipRanks’ AI Analyst, TSE:XRTX is a Underperform.
XORTX Therapeutics Inc faces significant challenges with no revenue and consistent losses, leading to a low financial performance score. Technical analysis indicates a neutral to bearish outlook, which, along with poor valuation metrics, weighs down the overall stock score. However, potential advancements in FDA discussions for gout treatment provide a glimmer of hope for future revenue generation, but current financial and compliance risks remain substantial.
To see Spark’s full report on TSE:XRTX stock, click here.
More about XORTX Therapeutics Inc
XORTX Therapeutics Inc. is a pharmaceutical company focused on developing innovative therapies for gout and progressive kidney disease. The company has three clinically advanced products in development, targeting aberrant purine metabolism and xanthine oxidase to reduce uric acid production. XORTX is dedicated to improving the quality of life for individuals with gout and other significant diseases.
Average Trading Volume: 11,991
Technical Sentiment Signal: Strong Sell
Current Market Cap: C$5.09M
See more insights into XRTX stock on TipRanks’ Stock Analysis page.