On January 30, 2024, Steven Cohen (Trades, Portfolio)'s Point72 Asset Management made a significant move in the pharmaceutical sector by purchasing 850,001 shares of Iterum Therapeutics PLC (NASDAQ:ITRM), an Ireland-based clinical-stage pharmaceutical company. The transaction was executed at a trade price of $1.58 per share, marking a new holding for the firm in its diverse investment portfolio. This strategic buy reflects Cohen's confidence in Iterum Therapeutics, despite the company's current market capitalization of $21.095 million and a stock price closely trailing the trade price at $1.57.
By Dean Seal Shares of Iterum Therapeutics soared after the company reported positive results from a clinical trial of its treatment for urinary tract.
Iterum Therapeutics announced positive topline results from its REASSURE (REnewed ASsessment of Sulopenem in uUTI caused by Resistant Enterobacterales) Phase 3 clinical trial comparing oral sulopenem (sulopenem etzadroxil combined with probenecid in a bilayer tablet) to oral Augmentin.