STOCKS TELEGRAPH

Author: Asim Kamal

  • Why did ReShape Lifesciences Inc. (RSLS) stock flip in the after-hours on Tuesday?

    ReShape Lifesciences Inc. (RSLS) shares gained 3.31% in after-hours on Tuesday, July 13, 2021, and closed the day at $4.37 per share. Earlier in the morning session, RSLS’s stock lost 7.84% to close Tuesday’s session at $4.23. RSLS shares have risen 102.59% over the last 12 months, and they have moved up 1.20% in the past week. Over the past three months, the stock has lost 45.77%, while over the past six months, it has shed 6.62%. Further, the company has a current market of $31.30 million and its outstanding shares stood at 3.15 million.

    Online Consumer Marketplace launched

    On July 13, 2021, ReShape Lifesciences Inc launched the ReShape Marketplace as an extension of reshape care, the company’s reimbursed telehealth service for weight loss across any physician-prescribed therapy. ReShape Marketplace provides consumers with a collection of creative, competitively priced, yet practical wellness products in the areas of nutrition, exercise, sleep, and stress.

    Lap-Band Manufacturing moved to the United States

    On July 7, 2021, ReShape Lifesciences Inc completed their Lap-Band manufacturing transition from Apollo Endosurgery, Inc to a Massachusetts-based manufacturer, to reduce costs, improve margins and directly control the manufacturing process.

    The Lap-Bandis the only FDA-approved, laparoscopic weight-loss device specifically indicated for a BMI of 30 or higher in the U.S.

    ExceptionalLap-Band Growth due to Covid-19

    On July 1, 2021, ReShape Lifesciences Inc announced that Lap-Band® utilization has increased since COVID-19 in response to patients’ increased desire for a reimbursed, effective, and sustainable weight-loss procedure that can be provided in outpatient surgery centres.

    Warrant exercise agreement

    On June 29, 2021, ReShape Lifesciences Inc entered into a warrant exercise agreement with existing accredited investors to exercise certain outstanding warrants to purchase up to an aggregate of 7.9 million shares of the company’s common stock. The exercising holders received new unregistered warrants to purchase up to an aggregate of 5.9 million shares of the company’s common stock. The investors paid a cash purchase price for the new warrants equal to $0.09375 per share of common stock underlying the new warrants. In connection with the exercise, the company also agreed to reduce the exercise price of certain of the existing warrants to $6.00, which is equal to the most recent closing price of the company’s common stock on The Nasdaq Capital Market before the execution of the warrant exercise agreement.

    The company will get gross proceeds of approximately $46.2 million and plans to use the proceeds to expand patient direct marketing activities, advance their internal product pipeline, and general corporate purposes.

    Conclusion

    The launching of ReShape Marketplace was the reason behind its flip on Tuesday and we are hopeful that RSLS will continue its positive momentum in the coming days.

  • WHY Compass Minerals International Inc. (CMP) stock turnaround in the after-hours on Tuesday?

    Compass Minerals International Inc. (CMP) shares soared 17.43% in after-hours on Tuesday, July 13, 2021, and closed at $71.00. Earlier in the morning session, CMP’s stock lost 1.14% to close Tuesday’s session at $60.46. CMP shares have risen 21.53% over the last 12 months, and they have moved up 2.04% in the past week. Over the past three months, the stock has lost 5.84%, while over the past six months, it has shed 4.67%.

    Identification of new Sustainable Lithium Resource

    On July 13, 2021, Compass Minerals identified a lithium brine resource of approximately 2.4 million metric tons lithium carbonate equivalent (LCE) at its active Ogden, Utah, solar evaporation site, including an indicated lithium resource within the ambient brine of the Great Salt Lake.

    South America specialty plant nutrition business sale completed

    On July 01, 2021, Compass Minerals completed the sale of the company’s South America specialty plant nutrition business to a subsidiary of ICL Group. The successful transaction represents a significant step in Compass Minerals’ prioritization of core assets and, by strengthening its balance sheet, enhances the company’s ability to pursue potential strategic growth opportunities.

    The deal will provide gross sale proceeds of R$2.16 billion or approximately $432 million based on current exchange rates. CMP will also receive an additional payment of up to approximately R$88 million in 2022.

    Dividend declaration

    On June 14, 2021, the board of Compass Minerals International, declared a dividend of US$0.72 per share payable on the 18th of June. Based on this payment, the dividend yield on the company’s stock will be 4.2%, which is an attractive boost to shareholder returns.

    Recent financial results announcement

    On May 4, 2021, Compass Minerals announced its financial results for the first quarter of 2021 which ended on March 31, 2021.

    Q1 2021 financial highlights

    • Compass Minerals earned a revenue of $426.0 million in Q1 2021.
    • Selling, general and administrative expenses were $32.4 million in Q1 2021 compared to 29.8 million in Q1 2020.
    • Cash flow from continuing operations for the first quarter of 2021 totalled $196.8 million compared to $230.3 for the same period in 2020.
    • It reported a net income of $32.9 million in Q1 2021 compared to $33.9 million in Q1 2020.
    • Basic net earnings from continuing operations per common share were $0.96 in Q1 2021 compared to $0.99 in Q1 2020.
    • Adjusted EBITDA was $97.3 million in Q1 2021 compared to $75.1 million in Q1 2020.

    Koch Agronomic Services completed the acquisition of Compass Minerals’ North American micronutrient assets

    On May 4, 2021, Koch Agronomic Services, LLC (Koch) completed its acquisition of Compass Minerals (NYSE: CMP) North American micronutrient assets, the global intellectual property rights, with trademarks and patents, and certain other assets associated with Wolf Trax, Rocket Seeds, and Hydro Bullet™ product platforms.

    Conclusion

    The CMP stock turnaround in the after-hours after the company announced new lithium brine resource which is a big development for the company. We can expect CMP to surge more in the coming days.

  • Here is why Stable Road Acquisition Corp. (SRAC) stock plummeted on Tuesday?

    Stable Road Acquisition Corp. (SRAC) shares lost 11.20% in after-hours on Tuesday, July 13, 2021, and closed at $10.55. Earlier SRAC’s stock declined 4.88% to close Tuesday’s morning session at $11.88. SRAC shares have risen 21.60% over the last 12 months, and they have moved down 13.47% in the past week. Over the past three months, the stock has gained 7.41%, while over the past six months, it has shed 24.33%.

    Let’s see was there any recent news or development behind its loss on Tuesday?

    SPAC merger with space firm Momentus facing tough hurdles

    The acquisition of Momentus Inc. has been distributed a serious blow by the U.S. Securities and Exchange Commission, which accused both entities of misleading shareholders just weeks before investors were slated to vote on the deal.

    The U.S. SEC sued Stable Road Acquisition Corp and Momentus over allegations that the target firm lied about its technology including a false claim that its propulsion system had been “successfully tested” in space. The misleading statement was also repeated by the Stable Road in public filings.

    Upcoming legal battles

    Both companies may face more legal actions and lawsuits in the coming days over the same issue and recently on July 13, 2021, Shareholder Rights Law Firm Johnson Fistel, LLP, announced its investigation on potential claims against Stable Road Acquisition Corp.

    The merger announcement

    In October 2020, Momentus agreed to go public through a merger with Stable Road for an enterprise value of about $1.2 billion, a price that was later revised lower to $700 million.

    Stable Road got more time from its shareholders to complete the merger

    On May 13, 2021, Stable Road Acquisition Corp narrowly secured enough votes to avoid being dissolved and will have more time to finalize the regulatory process in its merger with Momentus.

    The SPAC had 66.2% of shareholders vote in support of the extension, which sets the vote to approve the deal on August 13, Stable Road said Thursday. That satisfied the requirement of 65% support from shareholders.

    The Company’s stockholders approved a proposal to extend the deadline from May 13, 2021, to August 13, 2021, to complete the proposal.

    Momentus resolved a key issue about its proposed merger

    On May 14, 2021, Momentus Inc received a draft National Security Agreement (NSA) from the Committee on Foreign Investment in the United States (CFIUS). The draft NSA specifies CFIUS’s proposed requirements to resolve its national security concerns about the foreign ownership and control of Momentus.

    With this agreement, a key issue that has delayed the completion of Momentus’ proposed merger with Stable Road Acquisition Corp has been resolved.

    Conclusion

    On Tuesday the SRAC stock faced negativity after SEC fined the company over misleading information about its merger with Momentus. Following the news, Stable Road fell more than 10% in after-market trading on July 13, 2021.

  • Here is why Oxbridge Re Holdings Limited (OXBR) stock rallied on Tuesday?

    Oxbridge Re Holdings Limited (OXBR) shares surged 36.42% in after-hours on Tuesday, July 13, 2021, and closed the day at $4.57. Earlier in the morning session, OXBR’s stock gained 6.35% to close Tuesday’s session at $3.35. OXBR shares have risen 207.34% over the last 12 months, and they have moved up 20.07% in the past week. Over the past three months, the stock has gained 52.97%, while over the past six months, it has declined 63.41%.

    Let’s see what are the latest news about OXBR?

    Acquisition of Oxbridge Re Holdings Limited

    On July 13, 2021, Custodian Ventures LLC filed a Schedule 13D announcing its acquisition of approximately 9.9% of the ordinary shares outstanding of Oxbridge Re Holdings Limited.

    The Chief Executive Officer of Custodian VenturesDavid E. Lazar said that they have made a significant investment in Oxbridge Re because they believe the Company presents shareholders with an exciting opportunity for meaningful value creation. He further said that he is looking forward to continuing to constructively engage with management and the Board of Directors to actively explore potential strategic options to maximize value for all Oxbridge Re shareholders.

    Recent financial results announcement

    On May 14, 2021, Oxbridge Re Holdings Limited announced improved financial results for the three months ended March 31, 2021.

    Q1 2021 financial highlights

    • The Company generated a net income of $28,000 or $0.00 per basic and diluted common share in the first quarter of 2021 compared to a net loss of $364,000 or a loss of $0.06 per basic and diluted common share in the first quarter of 2020.
    • Net premiums were $181,000 in Q1 2021 compared to $264,000 in Q1 2020.
    • For Q1 2021, total expenses were $272,000compared to $275,000 in the first quarter of 2020.
    • The company had cash and cash equivalents, and restricted cash and cash equivalents, totalled $6.8 million on March 31, 2021, compared to $7.5 million on December 31, 2020.

    Q4 and FY 2020 financial results announcement

    On March 30, 2021, Oxbridge Re Holdings Limited reported its results for the fourth quarter and year ended December 31, 2020.

    Q4 2020 financial highlights

    • The Company generated a net income of $181,000 or $0.03 per basic and diluted common share in Q4 2020 compared to $61,000 or $0.01 per basic and diluted common share in the fourth quarter of 2019.
    • It suffered a net loss of 50,000 or $0.01 per basic and diluted common share in Q4 2020 compared with a net loss of $305,000 or $0.05 per basic and diluted common share in 2019.
    • Total expenses were 289,000 in Q4 2020 compared to $282,000 in the fourth quarter of 2019.

    Conclusion

    The acquisition of Oxbridge Re Holdings by Custodian Ventures LLC was the reason behind its top-notch performance on Tuesday. We can see it continue its momentum on Wednesday as well.

  • Why Amazon.com Inc. (AMZN) faced negativity on Monday?

    Why Amazon.com Inc. (AMZN) faced negativity on Monday?

    Amazon.com Inc. (AMZN) shares lost 0.15% in after-hours on Monday, July 12, 2021, and closed at $3,713.00 per share. Earlier in the morning session, AMZN’s stock lost 0.02% to close Monday’s session at $3718.55. AMZN shares have risen 16.20% over the last 12 months, and they have moved up 5.91% in the past week. Over the past three months, the stock has gained 10.04%, while over the past six months, it has declined 16.84%.

    Strong results from SBD event in India

    Amazon AMZN has experienced robust sales in its Small Business Days (SBD) event, which was conducted between Jul 2 and Jul 4 in India.

    The event was organized for the upliftment of small and medium businesses (SMBs),
    Around 1,700 small local shops recorded strong sales of office chairs, inverter and batteries, and Organic Tulsi tea, during the event.

    Amazon will Monitor Peoples’ Sleep Habits Using Radar

    On July 12, 2021, The Federal Communications Commission (FCC) has granted Amazon permission to go ahead with its plan to make a radar-based sleep tracking device. Amazon intends to make a device that uses radar sensors to monitor peoples’ sleep motions in a three-dimensional space.

    Amazon services restored

    Amazon online store services were restored after a global outage disrupted shopping on its country sites. The Amazon service was down for two hours and more than 38,000 user reports indicated issues with Amazon’s online stores.

    The outage occurred on Sunday, July 11, in the United States and Monday morning for much of the rest of the world.

    Amazon spokesperson confirmed that services have been restored fully after some customers temporarily experienced issues while shopping.

    Biden’s executive order can create trouble for Amazon

    On Friday, July, 10,2021, President Biden called on the Federal Trade Commission and Department of Justice to enforce existing rules and establish new ones that could interfere with the market domination of America’s biggest tech firms such as Amazon and Facebook.

    The executive order from Biden calls on the FTC to makes it harder for companies to use their customers’ data to make competing products, just like Amazon has been accused of doing with its third-party sellers.

    Tesco veteran to run Amazon’s brick-and-mortar stores

    Amazon has chosen a long-serving senior Tesco executive to run its bricks-and-mortar retail operation, in the latest escalation of its attack on the high street.

    Tesco’s chief executive Ken Murphy announced the departure of Tony Hoggett on Friday where he was working since 1990 and was promoted to a newly-created role of chief strategy and innovation officer in April.

    Amazon appointed Tony Hoggett as a senior vice president of physical stores, reporting to Dave Clark, the worldwide head of Amazon’s retail business who told Amazon staff in an email that MrHoggett is going to be a “great Amazonian”.

    Conclusion

    There were few recent glitches for the biggest e-commerce company in the world due to which it suffered a minor loss in the stock market on Monday but it can recover such losses in no time. We can expect it to regain its positive momentum sooner than later.

  • Here is why PLx Pharma Inc. (PLXP) stock turnaround in the after-hours on Monday?

    Here is why PLx Pharma Inc. (PLXP) stock turnaround in the after-hours on Monday?

    PLx Pharma Inc. (PLXP) shares surged 28.56% in after-hours on Monday, July 112, 2021, and closed the daily trading at $15.98 per share. Earlier in the morning session, PLXP’s stock lost 3.27% to close Monday’s normal trading session at $12.43. PLXP shares have risen 337.68% over the last 12 months, and they have moved down 5.98% in the past week. Over the past three months, the stock has gained 26.71%, while over the past six months, it has lost105.45%.

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

    Launch of VAZALORE in Walmart stores nationwide

    On July 12, 2021, PLx Pharma Inc announced the availability of VAZALOREin 3 SKUs over 4,500 Walmart stores across the United States from mid-August.VAZALORE is the first and only U.S. Food and Drug Administration (FDA) approved liquid-filled aspirin capsules.

    The three SKUs are VAZALORE 81 mg, 12 count; VAZALORE 81 mg, 30 count; and VAZALORE 325 mg, 30 count.

    Participation in the recent healthcare conferences

    PLx Pharma Inc recently participated at the Raymond James Human Health Innovation Conference which held on Monday, June 21, 2021.

    The company also took part in The JMP Securities Life Sciences Conference which held on Wednesday, June 16, 2021.

    At both conferences, the company was presented by Natasha Giordano, President and Chief Executive Officer, and Rita O’Connor, Chief Financial Officer.

    Recent financial results announcement

    On May 14, 2021, PLx Pharma Inc announced its financial results for the first quarter of 2021 which ended on March 31, 2021.

    Q1 2021 financial highlights

    PLx Pharma Inc reported zero revenue for Q1 2021 compared to $2,523 for the first quarter of 2020.

    In Q1 2021, research and development expenses were $1.0 million compared to $0.5 million in Q1 2020.

    General and administrative expenses were $2.6 million in Q1 2021 compared to $2.5 million in the first quarter of 2020.

    The company suffered a net loss of $11.9 million, or $0.73 per basic and diluted share in Q1 2021, compared to net income of $1.2 million, or $0.08 per basic and diluted share, for the first quarter of 2020.

    The Company had cash and cash equivalents of $84.4 million on March 31, 2021.

    Q4 and FY 2020 financial results announcement

    On March 12, 2021, PLx Pharma Inc announced financial results for the three months and full-year ended December 31, 2020.

    Q4 2020 financial highlights

    • The company earned zero revenue in Q4 2020 compared to $24,000 for the fourth quarter of 2019.
    • In Q4 2020, research and development expenses were $1.2 million compared to $0.9 million in the fourth quarter of 2019.
    • General and administrative expenses were $2.5 million in the fourth quarter of 2020 compared to $2.8 million in the fourth quarter of 2019.
    • PLx Pharma suffered a net loss of 5 million, or $0.87 per basic and diluted share in Q4 2020, compared to a net loss of $2.3 million, or $0.25 per share, for the fourth quarter of 2019.

    Conclusion

    The launching of VAZALORE nationwide in Walmart stores is big news for the company due to which its stock price surged in the after-hours on Monday. We can expect it to rise significantly in the coming days.

  • Here is why Two Harbors Investment Corp (TWO) stock plummeted in the after-hours on Monday?

    Here is why Two Harbors Investment Corp (TWO) stock plummeted in the after-hours on Monday?

    Two Harbors Investment Corp. (TWO) shares lost 10.23% in after-hours on Monday, July 12, 2021, and closed the day at $6.58 per share. Earlier in the morning session on Monday, TWO’s stock remained unchanged and closed the session at $7.33. TWO shares have risen 49.29% over the last 12 months, and they have moved down 1.74% in the past week. Over the past three months, the stock has lost 1.21%, while over the past six months, it has declined 13.64%.

    Let’s have a look at its recent developments.

    Public Offering of Common Stock

    On July 12, 2021, Two Harbors Investment Corp commenced an underwritten public offering of 40,000,000 shares of its common stock. The underwriters will get a 30-day option to purchase up to an additional 6,000,000 shares of its common stock. The net proceeds from the offering will be used to purchase its target assets, including residential mortgage-backed securities, mortgage servicing rights, and other financial assets.

    New appointment

    On June 30, 2021, Two Harbors Investment Corp announced that William Greenberg, the company’s President, and Chief Executive Officer, has been appointed to also serve as the company’s Chief Investment Officer.

    Inauguration onS&P SmallCap 600

    Two Harbors Investment Corp was added to the S&P SmallCap 600 index, effective before the opening of trading on Tuesday, June 22, 2021. The S&P SmallCap 600 seeks to measure the small-cap segment of the U.S. equity market and consists of 600 domestic stocks selected by the Standard & Poor’s Index Committee based on several factors, including financial performance and market capitalization.

    Common and Preferred Stock Dividends announcement

    On June 17, 2021, Two Harbors Investment Corp declared a dividend of $0.17 per share of common stock for the second quarter of 2021. The second-quarter dividend is payable on July 29, 2021, to common stockholders of record at the close of business on June 29, 2021.

    Two Harbors also declared the following preferred stock dividends:

    • a dividend of $0.50781 per share of the 8.125% Series A Cumulative Redeemable Preferred Stock;
    • a dividend of $0.47656 per share of the 7.625% Series B Cumulative Redeemable Preferred Stock; and
    • a dividend of $0.45313 per share of the 7.25% Series C Cumulative Redeemable Preferred Stock.

    The Series A, Series B, and Series C preferred dividends are payable on July 27, 2021, to the applicable preferred stockholders of record at the close of business on July 12, 2021.

    Conclusion

    The TWO stock declined in the after-hours after the company announced the public offering of its common stock so at the moment we are not sure how TWO stock will perform on Tuesday. We hope that it will return towards positivity.

  • Here is why Gran Tierra Energy Inc. (GTE) stock pop up in the after-hours on Monday?

    Here is why Gran Tierra Energy Inc. (GTE) stock pop up in the after-hours on Monday?

    Gran Tierra Energy Inc. (GTE) shares gained 7.71% in after-hours on Monday, July 12, 2021, and closed the day at $0.77 per share. Earlier, in the morning session, GTE’s stock lost 0.29% to close Monday’s normal session at $0.71 per share. GTE shares have risen 103.15% over the last 12 months, and they have moved down 6.67% in the past week. Over the past three months, the stock has gained 8.95%, while over the past six months, it has declined 62.11%.

    Let’s see what are the latest news and developments about GTE?

    Restoration of Production and Revised 2021 Guidance

    On July 12, 2021, Gran Tierra Energy Inc announced operational and financial updates and updated 2021 guidance.

    Operational update

    On May 17, 2021, several protests and blockades across Colombia impacted several key transportation routes throughout the country, resulting in the temporary shut-in of some of Gran Tierra’s wells and oil fields. After the successful negotiations by the Colombian government, all of the blockades are removed which has allowed the Company to commence restoring its oil production throughout its entire Colombian portfolio.

    Gran Tierra forecasts the second half of 2021 total production to average approximately 30,000-32,000 BOPD.

    Revised 2021 financial outlook

    Gran Tierra now expecting 27,500-28,500 BOPD(previously 28,000-30,000 BOPD), due to the above-mentioned problems in Colombia.

    Gran Tierra is expecting 2021 EBITDA of $265-285 million (previously $255-275 million) and 2021 cash flow of $215-235 million (previously $205-225 million).

    Annual Meeting of Stockholders

    On June 03, 2021, Gran Tierra Energy Inc announced the results of the Company’s semi-annual credit facility redetermination and the voting results from its annual meeting of stockholders held on June 2, 2021.

    The semi-annual redetermination of Gran Tierra’s bank-syndicated revolving credit facility has been completed. The next redetermination is scheduled for November 2021.

    All eight individuals nominated by Gran Tierra was also elected by the stockholders and they also voted for the ratification of the appointment of KPMG LLP as Gran Tierra’s independent registered public accounting firm for the fiscal year ending December 31, 2021.

    Recent financial results announcement

    On May 04, 2021, Gran Tierra Energy Inc released its financial and operating results for the quarter ended March 31, 2021.

    Q1 2021 financial highlights

    • The company suffered a net loss of $37.422 million in Q1 2021 compared to a net loss of $251.63 million inQ1 2020.
    • funds flow from operations was $29 million in Q1 2021 compared to $22.23 million in Q1 2020.
    • The Quarter’s expenditures were approximately $37 million compared to $44 million in Q1 2020.
    • Adjusted EBITDA was $42 million in Q1 2021 compared to $34.5 million in Q1 2020.

    Conclusion

    The recent financial and operational update was the reason behind its after-hours surge on Monday. We are pretty sure that GTE can continue its rally on Tuesday as well.

  • West Fraser Timber Co. Ltd. (WFG) stock plunged in the after-hours on Friday, but WHY?

    West Fraser Timber Co. Ltd. (WFG) stock plunged in the after-hours on Friday, but WHY?

    West Fraser Timber Co. Ltd. (WFG) shares lost 7.45% in after-hours on Friday, July 9, 2021, and closed the week at $69.40 per share. Earlier in the morning session, WFG’s stock gained 0.11% to close Friday’s session at $74.99 per share. WFG shares have risen 102.75% over the last 12 months, and they have moved up 3.91% in the past week. Over the past three months, the stock has lost 7.24%, while over the past six months, it has declined 17.06%.

    Let’s see what’s going on recently with WFG?

    Upcoming financial results announcement

    West Fraser Timber Co. Ltd will hold an analysts’ conference call to discuss second quarter 2021 financial and operating results on Thursday, July 29, 2021, at 8:30 a.m. Pacific Time/11:30 a.m. Eastern Time.

    Commencement of a substantial issuer bid 

    On July 7, 2021, the board of directors of West Fraser Timber Co. Ltd approved the commencement of a substantial issuer bid, according to which the Company will offer to purchase from shareholders for cancellation up to C$1.0 billion of its outstanding Common shares. The Offer will proceed by way of a “modified Dutch auction” procedure with a tender price range from C$85.00 to C$98.00 per share, representing a 3% discount to a 12% premium over the Company’s volume-weighted average price on the Toronto Stock Exchange over the last 10 trading days.

    Dividend declaration

    On June 8, 2021, West Fraser Timber has increased its quarterly dividend by 25% to C$0.25 per share, which is payable on July 6, 2021, to investors of record on June 21, 2021.

    Increasing share buyback authorization 

    The company also increased its share buyback authorization to up to approximately 9.58 million of its common shares from the previous authorization of approximately 6.04 million shares.

    Last financial results announcement

    On May 6, 2021, West Fraser Timber Co. Ltd announced its first-quarter financial results which ended on

    Q1 2021 financial highlights

    • Total sales were $2.343 billion in Q1 2021 compared to 890 million in Q1 2020.
    • Earnings were $665 million in Q1 2021 compared to $9 million in Q1 2020.
    • The total cost and expenses were $1.464 billion in Q1 2021 compared to $881 million in Q1 2020.
    • West Fraser Timber reported sales of $2.343 billion in Q1 2021 compared to $890 million in Q1 2020.
    • Basic earnings per share were $6.96 in Q1 2021 compared to $0.13 in Q1 2020 and diluted EPS was $6.96 in Q1 2021 compared to $0.09 in Q1 2020.

    Adjusted EBITDA was $1.008 billion in Q1 2021 compared to $68 million in the same quarter in 2020.

    Conclusion

    Well, we have no recent news or development which could justify its loss on Friday evening. We hope that WFG stock will commence the new week with positive momentum.

  • Why Strongbridge Biopharma plc (SBBP) stock faced headwinds in the after-hours on Friday?

    Why Strongbridge Biopharma plc (SBBP) stock faced headwinds in the after-hours on Friday?

    Strongbridge Biopharma plc (SBBP) shares declined 6.54% in after-hours on Friday, July 9, 2021, closed the week at $2.86 per share. Earlier in the morning session of Friday, SBBP’s stock gained 0.33% to close Friday’s session at $3.06. SBBP shares have fallen 16.39% over the last 12 months, and they have moved up 2.68% in the past week. Over the past three months, the stock has gained 16.35%, while over the past six months, it has lost 9.29%.

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

    Patent issued for RECORLEV®

    On June 03, 2021, the United States Patent and Trademark Office (USPTO)  issued U.S. Patent No. 11,020,393 entitled, “Methods of Treating Disease with Levoketoconazole” which covers a method of treating Cushing’s syndrome patients with RECORLEV® (levoketoconazole) who also take metformin for Type 2 diabetes. The term of the U.S. patent will expire on March 2, 2040.

    RECORLEV is an adrenal steroidogenesis inhibitor with a New Drug Application by Strongbridge Biopharma plc that is currently under review by the U.S. Food and Drug Administration for the treatment of endogenous Cushing’s syndrome.

    Xeris Pharmaceuticals acquired Strongbridge Biopharma plc

    On May 24, 2021, Xeris Pharmaceuticals, Inc and Strongbridge Biopharma plc (Nasdaq: SBBP entered into a definitive agreement under which Xeris will acquire Strongbridge for stock and contingent value rights (CVRs). The agreement, including the maximum aggregate amount payable under the CVRs, values Strongbridge at approximately $267 million based on the closing price of Xeris Shares of $3.47 on May 21, 2021, and Strongbridge’s fully diluted share capital.

    The businesses of Xeris and Strongbridge will be combined under a new entity to be called Xeris Biopharma Holdings, Inc. 

    Recent financial results announcement

    On May 12, 2021, Strongbridge Biopharma plc released its financial results for the first quarter of 2021, which ended March 31, 2020.

    Q1 2021 financial highlights

    • Strongbridge Biopharma reported net revenue of $8.4 million for Q1 2021, compared to $6.7 million for the three months ended March 31, 2020.
    • The cost of sales was $0.4 million for Q1 2021 compared to $1.0 million in Q1 2020.
    • The total expenses were $18.5 million for Q1 2021 compared to $20.18 million in Q1 2020.
    • The company suffered a basic GAAP net loss of $11.8 million or $0.18 per share in Q1 2021 compared to a basic net loss of $12.7 million, or $0.23 per share in Q1 2020.
    • For Q1 2021 Non-GAAP basic net loss was ($7.2 million or $0.11 per share compared to a non-GAAP basic net loss of $10.3 million, or $0.19 per share, for the same period in 2020.

    Conclusion

    The SBBP is facing some legal actions against its merger with Xeris Pharmaceuticals which may or may not be the reason behind its loss in the after-hours on Friday. we have no other recent news which we could link with its after-hours bashing.