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Here is why Epizyme Inc. (EPZM) stock had a bad Wednesday?

Epizyme Inc. (EPZM) shares were plunged 23.68% in after-hours on Wednesday, January 26, 2022, and closed the daily trading at $1.45. Even in the regular trading session of Wednesday, EPZM’s stock lost 5.47%. EPZM shares have fallen 83.88% over the last 12 months, and they have moved down 9.52% in the past week. Over the past three months, the stock has lost 57.11%, while over the past six months, it has declined 72.54%.

Let’s have a brief look at its recent news and developments.

EPZM proposed a public offering of Common Stock

On January 26, 2022, Epizyme, Inc. (EPZM) announced to offer and sell shares of its common stock in an underwritten public offering. Epizyme will also grant the underwriters to purchase up to an additional 15% of the shares of common stock offered in the offering. All of the shares will be sold by Epizyme.

The company will use its proceeds to fund global development and commercialization costs of tazemetostat outside of Japan, and the costs of conducting the Company’s ongoing and planned clinical trials.

EPZM preliminary financial results

On January 10, 2022, Epizyme (EPZM), reported preliminary financial results for Q4 and FY 2021 and its outlook for 2022.

Q4 & FY 2021 preliminary financial figures

EPZM is expecting net product revenue in the range of $11.2 million to $11.7 million for the fourth quarter of 2021.

For FY 2021, Epizyme expectsnet product revenue between $30.6 million to $31.1 million.

FY 2022 financial guidance

The Company expects non-GAAP adjusted operating expenses in the range of $170 million to $190 million for FY 2022.

EPZM data presentations at 2021 ASH Annual Meeting

On December 12, 2021, Epizyme, Inc. (EPZM), presented updated safety and activity data from the Phase 1b portion of its Phase 1b/3 confirmatory study evaluating the investigational use of TAZVERIK® (tazemetostat), a first-in-class, oral, selective inhibitor of EZH2, in combination with rituximab + lenalidomide (R2) in patients with relapsed/refractory follicular lymphoma (FL), at the 2021 American Society of Hematology (ASH) Annual Meeting.

Epizymealso presented preclinical data and the Phase 1/1b trial design for EZM0414, an investigational agent being developed for the treatment of adult patients with relapsed or refractory multiple myeloma (MM) or with diffuse large B-cell lymphoma (DLBCL).

EPZM new board members

On November 18, 2021, Epizyme, Inc. (EPZM), appointed two new directors to the Company’s Board of Directors.  Roy A. Beveridge, M.D.,clinical oncology executive, and international pharmaceutical and financial executive, Carol Stuckley, M.B.A., was appointed to Epizyme Board. Andrew R. Allen, M.D., Ph.D., who has served on the Company’s Board of Directors since June 2014, has resigned from this position on November 16, 2021.

Conclusion

The proposed public offer of common stock was the catalyst behind its poor performance on Wednesday. We can expect it to face more headwinds on Thursday as well.

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