STOCKS TELEGRAPH

Author: Hassan Masood

  • Sonim Technologies, Inc. (SONM) Stock Increasing Tremendously in Premarket

    Sonim Technologies, Inc. (SONM) Stock Increasing Tremendously in Premarket

    Sonim Technologies, Inc. (SONM), a company providing ruggedized mobile phones and accessories for task workers, has seen an increase of 4.92% in its share price in the premarket trading session. As a result, SONM stock is currently trading at $0.49. That has come after the stock declined some 3.76% on Wednesday and closed the day at $0.49.

    Q2 2021 financial results

    On the 16th of August, SONM reported the quarterly results for the second quarter of the fiscal year 2021, which ended on 30th June 2021. The company generated net revenue of $12 million during the quarter, as compared to the equivalent period of 2020 when the company generated net revenue of $21.1 million. The gross profit during the quarter stood at $2.7 million, as compared to $4.9 million during the equivalent period of 2020. The operating expenses for the quarter stood at $9.1 million, as compared to $11.5 million for the same period of 2020. The net loss for the quarter was $6.7 million, or $0.10 per basic and diluted share. During an equivalent period of 2020, net loss was $7.1 million or $0.22 per basic and diluted share. At the end of the quarter, SONM had $6.9 million in cash and cash equivalents. The company said that it had retained B. Riley as its investment bank for the exploration of strategic alternatives.

    SONM partnership with 4K Solutions

    On July 20th, SONM announced to have entered into a new partnership with 4K Solutions, a leading provider of communications. The partnership was meant to launch the 4K Solutions’ next-generation mobile broadband kit, namely Elite (MBK-Elite). The kit was designed exclusively to support the Sonim XP8 ultra-rugged Android handset. MBK-Elite is a portable kit and could be deployed without extensive IT training. The kit has four Sonim X-8 handsets. Besides, it also has SonimWare, which is a set of software tools and applications. John Graff, CMO, Sonim Technologies, said that he feels excited to partner with 4K Solutions and expressed the hope that the partnership would be a win-win situation for customers of both companies.

    Launch of Tablet

    On 30th June, SONM announced the launch of the RT80 fully-rugged tablet. The tablet was designed to cater to the needs of the industry as well as for public safety workers in rough terrains. The tablet had a glove-friendly and sunlight-readable screen, having a size of 8 inches. The set had a high-capacity battery, which was meant for a multi-shift environment. The set was designed for users who were in need of a rugged android platform, and being lightweight. It had customizable buttons and numerous apps to allow businesses to use the device for their workflow. The company said that the set was available in North America, UK, and Europe.

    What’s ahead for SONM?

    The indicators present a positive picture of SONM stock for the future. The EPS for the current fiscal is expected to increase by 53.40%. For the next fiscal year, it is expected to increase 37.80%. These and other alike statistics are surely a positive sign for SONM stock performance in near future.

  • Forte Biosciences Inc. (FBRX) Stock on a Constant Decline

    Forte Biosciences Inc. (FBRX) Stock on a Constant Decline

    Forte Biosciences Inc. (FBRX), a clinical-stage biopharmaceutical company, has seen a decline of 4.58% in premarket trading session. As a result of that, FBRX stock is changing hands at $3.96. On Wednesday, FBRX stock closed the day at $4.15, after a decline of 0.95%.

    Investigations against FBRX

    FBRX stock is in a constant state of decline due to the fact that in recent days, numerous law firms have actively been pursuing investigations against company. They include Pomerantz, Schall, Bronstein, Gewirtz and Grossman beside others. The investigations are focused on finding out whether the company issued any misleading statements or failed to disclose the information. On September 2nd, FBRX announced that the topline data for its phase 2 trial of FB-401 didn’t meet statistical requirement for primary endpoint of EASI-501. As the company announced this news, its shares fell by 80% on next trading day.

    Equity inducement award

    On 3rd of August, FBRX announced the issuance of equity inducement award. The award is a primary requirement as mentioned by NASDAQ Stock market rules. The company’s board of directors compensation committee approved the grant of 90,000 shares of common stock to a new non-executive employee under the NASDAQ Listing Rule 5635(c)(4). The company said that the award was made outside its current equity plan. The award would have terms and conditions consistent with company’s 2021 equity incentive plan.

    Q1 2021 financial results

    On 10th of May, FBRX announced the quarterly results for first quarter of 2021, ended March 31st 2021. According to the details, the company had cash and cash equivalents of $54.8 million on 31st of March. The company said that research and development expenses for the quarter stood at $3.3 million, while during the equivalent period of 2020, these were $1.4 million. The general and administrative expenses were $1.4 million during the quarter, while during equivalent period of 2020, these were $0.7 million. The company bore a net loss of $4.8 million during the quarter, while during the equivalent period of 2020, it was $2.05 million. The net loss per basic and diluted share was $0.36, while during same quarter of 2020, it was $0.97. Paul Wagner, Ph.D., CEO of Forte Biosciences, commented on the occasion that the financial performance indicates the operational efficiency of company, and hoped for further improvement in results in future.

    Fiscal 2020 annual results

    On March 24th FBRX announced the annual results for fiscal year 2020. The company ended the year with cash and cash equivalent of $58.8 million. The research and administrative expenses during the year stood at $10 million. The general and administrative expenses during the year were $4.2 million. The net loss bore by the company during year stood at $46.48 million. The net loss per basic and diluted share was $6.32 during the year. All in all, the performance was pleasant, but required further improvement in future times, as commented by Paul Wagner.

    What’s ahead for FBRX stock?

    Indicators don’t help the cause of FBRX stock very much. During last one quarter, FBRX stock has declined by some 89.66%. But on a positive side, it’s expected that the EPS for current year could increase by 84.30%. So, potential investors should keenly look out for the risk associated with the FBRX stock.

  • ItaA Unibanco Holding S.A. (ITUB) Stock on a Steady Rise in Prehours

    ItaA Unibanco Holding S.A. (ITUB) Stock on a Steady Rise in Prehours

    ItaA Unibanco Holding S.A. (ITUB), a provider of financial products and service, has seen an increase of 0.75% in premarket trading session. As a result of that, ITUB stock is changing hands at $5.39 at the time of this writing. That has come after ITUB stock closed the day $5.35 on Wednesday.

    ITUB open for expansion

    On 10th of August, ITUB Chief Executive Alfredo Setubal said that the company is open for the expansion of its investment services in agribusiness companies and in renewable energy. He said that while addressing a press conference. He further went on to say that the company is considering to invest in other sectors besides water and sewage. Recently, ITUB invested in a company which provides water and sewage services on a large scale.

    ITUB corporate restructuring

    On 27th of July, ITUB announced that the central bank of Brazil approved the corporate restructuring, which was meant to segregate the business of ITUB in connection withequity interest in XP Inc. (“XP”). The move came in line with the Materials facts, which were disclosed on November 3rd, 26th and December 31st 2020. Besides, it was also disclosed on January 31st and May 31st 2021. According to company, the shares issued by ITUB and American depository shares would be continually traded which would also include the right to receive the securities issued by the XPart until cutoff date.

    Project Carbon

    On 7th of July, ITUB announced to have entered into the project carbon. Other companies included in the partnership are CIBC, National Australia Bank and NatWest Group. Project carbon aims to support a global market for quality carbon offsets. That would be done via clear and consistent pricing. The companies said that the project would provide a pathway to achieve the goal of net zero emissions. The company said that the project would facilitate the creation of a strong environment for support of offset market as well as development of tools to help the clients manage risks of climate change. All the companies’ part of the venture said that they are keen to invite likeminded institutions to join them in this regard.

    Partnership with DFC

    In late April, ITUB announced that it had raised $400 million with US DFC in the international market. The company said that the initiative underlies the inclusion and entrepreneurship commitment by the company, which aims to improve the financial management of very small companies via offering suitable products and services. Renato Lulia Jacob, Group Head of Investor Relations and Market Intelligence, said that the partnership illustrates the focus in the word where women are in abject state of affair and living miserably.

    What’s next for ITUB?

    Based on previous performance, it seems that future has something great in store for ITUB stock. The stock has increased by 13.03% during the previous half year, indicating the performance parameters in near future. So, potential investors should keep a close watch on ITUB stock.

  • ProQR Therapeutics N.V. (PRQR) Stock on a Rapid Surge in After-Market

    ProQR Therapeutics N.V. (PRQR) Stock on a Rapid Surge in After-Market

    ProQR Therapeutics N.V. (PRQR), a biopharmaceutical company, has seen an increase of 19.68% in the aftermarket trading session. As a result, PQRQ stock is trading at $8.15 at the time of this writing. The increase has come as a result of its Axiomer RNA Editing Licensing and Research Collaboration with Lilly. On Wednesday, PRQR stock closed the day at $6.81.

    PRQR collaboration with Lilly

    Yesterday, PRQR announced to enter into a global licensing and research collaboration with Lilly, a company focused on development of potential medicines to cure genetic disorders. The companies said that via utilizing the Axiomer RNA editing platform, they would progress new drug targets toward the stage of development and commercialization. Axiomer® platform technology edits single nucleotides in RNA in a highly specific manner. Mainly, the technology is based upon the Editing Oligonucleotides (EONs). The companies vowed to collaborate for the development of 5 different targets. The agreement said that PRQR would receive $50 million and an upfront amount of $20 million. Daniel A. de Boer, Founder and CEO of ProQR, highlighted the importance of collaboration for both the companies and said that the partnership has the potential to improve condition for both the companies.

    Q2 2021 financial results

    On the 5th of August, PRQR reported the quarterly results for the second quarter of 2021, which ended on 30th June 2021. According to the results, the company had cash and cash equivalents of €139.4 million. The research and development expenses bore by the company during three months stood at€9.7 million, as compared to €8.6 million during the equivalent period of 2020. The general and administrative costs during the quarter stood at€4.1 million, as compared to €3.4 million during equivalent period of 2020. The net loss for three month period was €15.8 million, or €0.24 per diluted share. In comparison to that, the net loss for equivalent period of 2020 stood at €4.1 million, or €0.08 per diluted share. Commenting on the performance, Daniel A. de Boer said that during the quarter, the company created significant momentum in its performance on financial performance. He hoped that the company would utilize that momentum to boost its results in the future as well.

    In-licensing for rights of ASO

    On 4th of May, PRQR and RTW Investments, LP, an investment firm, announced that Yarrow Biotechnology Inc., has in-licensed the exclusive rights to PRQR’s antisense oligonucleotide technology (ASO). The move was meant for the development and commercialization of therapies for a non-ophthalmic target.  Under the agreement, PRQR had to receive up to $115 million of upfront and milestone payments. Besides that, it was also eligible to receive single-digit percentage royalties for net sales of products. Daniel A. De Boer expressed his pleasure over the agreement and said that the agreement would result in wealth and value generation for all of the stakeholders.

    What’s ahead for PRQR?

    Past indicators reveal a very positive picture of PRQR stock. During previous quarter, it has increased by 5.42%, while during the previous half-year; it has increased a mammoth 43.37%. Based on these statistics, it’s not hard to say that PRQR stock is worth investing in during times ahead. So, potential investors should keep a close watch on PRQR stock.

  • Overseas Shipholding Group, Inc. (OSG) Stock Declining in Premarket

    Overseas Shipholding Group, Inc. (OSG) Stock Declining in Premarket

    Overseas Shipholding Group, Inc. (OSG), a company holding and operating a fleet of oceangoing vessels through its subsidiaries, is facing a decline in the premarket trading session. OSG stock has declined by 2.21% and is trading at $2.65 at the time of this writing. On Tuesday, OSG stock closed the day at $2.71.

    Q2 2021 financial results

    On the 6th of August, OSG announced that quarterly results for the second quarter of 2021, ended on 30th June. According to the details, the total shipping revenue for the quarter stood at $88.359 million, while during the equivalent period of 2020, it was $114.39 million. The total operating expenses for the quarter stood at $94.141 million, while during the equivalent period of 2020, it was $100.89 million. The operating loss was $5.78 million, while during the equivalent period of 2020; the operating income was $13.64 million. The net loss was $10.69 million, while during the equivalent period of 2020; net income was $6.38 million. The basic and diluted net loss was $0.12 per share, while during the equivalent period of 2020, the basic and diluted net income was $0.07 per share. On the 30th of June, the company had total assets of $1.13 billion, while it had total liabilities of $778.21 million. The total equity was $353.91 million. Sam Norton, President, and CEO of Overseas Shipholding Group praised the performance of the company and said that the company is quite optimistic about success in future times.

    OSG evaluating strategic alternates

    On 2nd July, OSG said that the company’s Board of Directors (BoDs) had initiated the process to explore and evaluate numerous strategic alternatives to enhance shareholders’ value. That came after the receipt by the company of a non-binding indication of interest to acquire all the shares of common stock for a price of $3 per share. The company said that a committee comprising independent directors would lead this strategic process. The committee engaged Evercore and Ropes & Gray LLP to Advice Company in financial and legal matters respectively. The BoDs had not set a timetable for the strategic process. There was no assurance as to whether the exploration of alternative avenues could lead to the sale of the company.

    Q1 2021 financial results

    On the 7th of May, OSG announced the quarterly results for the first quarter of 2021, which ended on 31st March. According to the details, the company bore a net loss of $15.9 million during the quarter, as compared to net income of $25.1 million for the same period of 2020. The total shipping revenue generated during the quarter was $81.3 million, as compared to $100.9 million during the equivalent period of 2020. The company said that it had total cash of $45.2 million on the 31st of March. Commenting on results, Sam Norton said that the company’s performance during the near future is heading toward stability, as evident from results.

    What’s ahead for OSG?

    Coming toward future performance, OSG stock has shown over time its capability to become a market leader. During the last 12 months, OSG stock has increased by a mammoth 27.83%. The EPS of the company is expected to increase by a massive 241% during the current fiscal. So, believing in all indicators, OSG stock would enjoy some robust times in the near future.

  • Mechel PAO (MTL) Stock on a Rapid Surge in Pre-Market

    Mechel PAO (MTL), a company engaged in mining, power, and steel businesses, has seen a tremendous increase of 37.19% in the premarket trading session. As a result, MTL stock is changing hands at $4.39 at the time of writing. On Monday, MTL stock closed the day at $3.20, a decrease of 1.54%.

    Appointment of CFO

    On the 30th of August, MTL announced the appointment of Andrey Pasynich as chief executive officer of Mechel Mining Management Company. Andrey replaced Igor Khafizov, who left the company. Since 2019, Andrey was the head of Mechel Mining Management’s operations department. Before that, he was deputy technical director at Siberian Anthracite AO. He has experience of over 3 decades in the mining industry. He graduated from Moscow Mining Institute. Mechel PAO’s Chief Executive Officer Oleg Korzhov praised the performance of Igor Khafizov on the occasion and said that Igor made an invaluable contribution to Mechel Group’s creation as it is now. He welcomed Andrey and said that Andrey is a real mining professional, as he has proved it with his achievements.

    Q2 2021 financial results

    On the 27th of August, MTL released the quarterly results for the second quarter of fiscal 2021, which ended on 30th June. According to the details, the consolidated revenue from the contracts with external customers during the second quarter stood at $1.49 billion, an increase of 43%. The consolidated EBDITA for the quarter stood at $0.46 billion, nearly doubling from the previous quarter. The gross profit grew during the quarter by $0.24 billion. Operating cash flow during the quarter stood at $0.21 billion. The finance costs were $77.83 million. The company also announced the financial results for the first half-year of 2021. According to those, the company generated consolidated revenue of $2.52 billion during the half-year. It had a consolidated EBDITA of $0.71 billion during that time frame. The generated during the time frame was $0.43 billion.

    MTL paid dividends

    On the 17th of August, MTL reported paying dividends to its shareholders based on the results of 2020. The company said that it had accrued a sum of $2.22 million for dividends paid to its shareholders.

    MTL repaid loans

    On the 4th of August, MTL announced that Mechel Group’s Beloretsk Metallurgical Plant discharged all obligations to Russia’s industrial development fund. The obligations were about the target loan for the production of multi-strand wire ropes. The plant received a $3.49 million loans in 2016. The loan was meant to acquire new rope production as well as polymer coating lines. Mechel PAO’s Chief Executive Officer Oleg Korzhov commented that he is grateful to Industrial Development Fund that provided financing for Beloretsk Metallurgical Plant’s promising import-substituting project.

    What’s ahead for MTL?

    Indicators and recent performances reveal a very optimistic picture of MTL. During previous quarter, MTL stock increased by 44.80%, while during last 12 months, it has increased a massive 92.77%. Based on these statistics, it is quite easy to say that MTL stock has slowly and steadily started to dominate the investment markets.

  • Healthcare Services Group, Inc. (HCSG) Stock Surging in Premarket

    Healthcare Services Group, Inc. (HCSG), a company providing housekeeping and dietary services, has seen an increase of 6.00% in the premarket trading session. As a result, HCSG stock is trading at $28.11 at the time of writing. On Monday, HCSG closed the day at $26.52.

    Replacements in the S&P index

    On the 4th of September, HCSG announced that Tandem Diabetes Care Inc. would replace Healthcare services group, Inc. in S&P midcap 400. On the contrary, HSCG would have to replace MicroStrategy Inc. in S&P SmallCap 600. MicroStrategy was no longer appropriate for S&P 600.

    HCSG fined by SEC

    On the 24th of August, HSCG was fined by US Securities and Exchange Commission (SEC). The fine was worth $6 million. SEC fined the company for its failure to account for legal settlements with its employees. Those enabled the company to inflate its quarterly results. SRC said that John Shea, the company’s CFO since 2012, would pay a $50,000 fine and would ace a two-year suspension from appearing before SEC as an accountant. Derya Warner, the company’s controller, agreed to pay a fine of $10,000. Healthcare Services Chief Executive Ted Wahl said the company always cooperated with the SEC. Apart from that, the company did not comment any further regarding the matter.

    Q2 2021 financial results

    On the 21st of July, HCSG announced the unaudited quarterly results for the second quarter of 2021, which ended 30th June 2021. According to the results, the company reported revenue of $398.17 million during the quarter, as compared to $452.02 million during the equivalent period of 2020. The selling, general and administrative expenses during the quarter stood at $50.05 million, as compared to $41.46 million during the equivalent period of 2020. The income from operations stood at $11.70 million, while during the same time of 2020, it was $23.04 million. The net income during the quarter stood at $9.56 million, while during the second quarter of 2020, it was $23.10 million. The basic and diluted earnings per common share during the quarter were $0.13 million, while during the equivalent period of 2020, the basic and diluted earnings were $0.31 per share. The cash and cash equivalents on the 30th of June were $124.58 million. Commenting on the results, Ted Wahl praised the company’s performance and said that the company would further continue to execute its strategy of growth.

    Q1 2021 financial results

    On the 21st of April, HSCG announced the financial results for the first quarter of 2021, which ended 31st March. According to those, the company generated revenue of $407.75 million during the quarter. The selling, administrative and general expenses were $39.98 million during the quarter. The net income was $24.65 million. The basic and diluted earnings per share were $0.33. On the 31st of March, the company had cash and cash equivalents of $123.65 million.

    What’s next for HCSG?

    Recent performances reveal a solid picture of HCSG stock. HCSG stock increased 1.03% during the previous week and 2.04% during the past month. Based on these and other indicators, potential investors should keenly watch the performance of HCSG stock in the future to come.

  • Sustainable Opportunities Acquisition Corp. (SOAC) Stock on a Rise in Afterhours

    Sustainable Opportunities Acquisition Corp. (SOAC), a company focusing on effecting a merger, share exchange, asset acquisition, beside other tasks, has seen an increase of 9.78% in share price in aftermarket trading session. As a result of that gain, SOAC stock is currently changing hands at $11.00. The increase in share price is perceived to be caused due to SOAC acquisition by DeepGreen Metals Inc.

    Filing of proxy statement by SOAC

    On the 13th of August, SOAC announced the filing of a definitive proxy statement with the US Securities and Exchange Commission (SEC). The statement was related to the business combination with DeepGreen Metals Inc. as previously announced by the company. The company said that it commenced the mailing of the proxy statements to SOAC shareholders of record as of close business on the 21st of June, 2021. The company said that the proxy statement contained the voting instructions and notice from or proxy card, relating to the general meeting of SOAC shareholders. SOAC Board of Directors asked the shareholders to vote FOR combination with DeepGreen during the general meeting, which the company said would take place on the 3rd of September.

    Q2 2021 financial results

    On the 16th of August, SOAC released the quarterly results for the second quarter of 2021, which ended on 30th June. According to the details, SOAC had total assets of $300.5 million on the 30th of June, 2021. The total liabilities of the company stood at $53.54 million on the 30th of June. The total shareholders’ equity (deficit) was $53.11 million on the 30th of June. The general and administrative expenses during the quarter stood at $3.44 million, as compared to $0.30 million during the equivalent period of 2020. The loss from operations during the quarter was $3.47 million, as compared to $0.32 million for the same period of 2020. The net (loss) income for the quarter was $17.17 million, as compared to $6,723 for an equivalent period of 2020.

    Q1 2021 financial results

    On the 24th of May, SOAC released the financial results for the first quarter of 2021, which ended on 31st March 2021. On the 31st of March, the company had total assets of $301.44 million. The total liabilities were $37.30 million. The total shareholder equity on the 31st of March was $35.93 million. The general and administrative expenses during the quarter stood at $2.98 million. The loss from operations during the quarter was $3.01 million. The net income (loss) reported by the company during the quarter stood at $31.86 million. The basic and diluted income (loss) per share was $2.53. All in all, the quarter’s results were quite grim as compared to those of the equivalent period of 2020.

    What’s ahead for SOAC?

    Outlook reveals not a very positive picture of SOAC, though, after the acquisition by DeepGreen, the scenario could change rapidly. The company lost 1.38% during the half-year of 2021, but, the recent performances tell of more optimistic times for SOAC. During the previous month, SOAC stock grew by 0.91%. So, potential investors should keep a close watch on SOAC stock.

  • Cloopen Group Holding Ltd. (RAAS) Stock Rising Continuously, Here’s Why

    Cloopen Group Holding Ltd. (RAAS), a company providing cloud-based communication solutions through its subsidiaries, is seeing a rise in share price. On Thursday’s trading session, RAAS stock rose some 21.84% and closed the day at $5.69. Currently, in a normal trading session, RAAS stock is changing hands at $5.86, an increase of 3.08%.

    Q2 2021 financial results

    RAAS stock declined 11.14% on the 19th of August after the company announced the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. According to the details, the company generated revenue of $42.42 million during the quarter, as compared to $28.72 million during the equivalent period of 2020. The cost of revenue during the quarter stood at $24.13 million, as compared to $17.65 million during the same time of 2020. The gross profit during the quarter stood at $18.29 million, as compared to $11.07 million during the equivalent period of 2020. The total operating expenses during the quarter stood at $33.21 million, as compared to $20.08 million. The operating loss stood at $14.92 million, as compared to $9.01 million during the equivalent period of 2020. The net loss for the quarter stood at $16.36 million, as compared to $9.63 million during the equivalent period of 2020.

    Q1 2021 financial results

    On the 10th of June, RAAS released the unaudited financial results for the first quarter of the fiscal year 2021, which ended on 31st March. According to the details, the company said that it had total assets of $530.07 million as of 31st March. It had total liabilities of $101.24 million. The company reported revenue of $31.21 million during the quarter. The cost of revenues stood at $17.80 million. The gross profit earned during the quarter stood at $13.41 million. The company had total operating expenses of $36.31 million during the quarter. The company bore an operating loss of $22.90 million. The company bore a net loss of $26.10 million during the quarter. The net loss per ordinary share was $1.95. Mr. Steven Yipeng Li, Chief Financial Officer of Cloopen, praised the company’s performance and said that the company would continue to grow its customer base while providing top-notch and multi-dimensional services to our existing customers.

    RAAS fiscal 2020 annual results

    In late March, RAAS announces annual financial results for fiscal 2021. According to those, the company had total assets of $148.42 million on 31st December, the last day of fiscal, while it had total liabilities of $122.02 million. The company generated revenue of $39.64 million during 2020, while the cost of revenue stood at $24.21 million. The gross profit that the company generated during the year was $15.42 million. The company bore an operating loss of $12.21 million during the fiscal, while it bore a net loss of $46.80 million. The net loss per ordinary share was $5.77.

    What’s next for RAAS?

    Analyses predict a very positive picture of RAAS in near future. The company is expected to generate revenue of $1.06 billion during the current fiscal, while during the next fiscal, i.e. 2022, it is expected to generate $1.39 billion in terms of revenue. The analysts expect that the EPS of the company could grow by 62% during the current year. So, based upon these statistics, RAAS stock could see positive times ahead.

  • Advaxis, Inc. (ADXS) Stock on a Rise in Afterhours, Here’s Why

    Advaxis, Inc. (ADXS), a clinical-stage biotechnology company, is seeing a surge within its share price in aftermarket trading session. At the time of writing, ADXS stock is being traded at $0.52, an increase of 11.43%. In Thursday’s trading session, ADXS stock slipped some 1.36%.

    ADXS receiving an extension

    On 11th of August, ADXS announced that it has received a letter from NASDAQ. According to that, after the company’s hearing in front of NASDAQ hearing panel, the panel would grant the company with an extension up to 22nd November 2021. The extension is meant to comply with Nasdaq’s $1.00 Minimum Bid Price Rule and completion of ADXS merger transaction with Biosight, Ltd. On 6th of July, ADXS announced to have entered into an agreement of merger with Biosight Ltd., a privately held pharmaceutical company. According to NASDAQ listing rules, the combined company would be required to meet all of the applicable initial listing requirements on closure of merger. It includes $4 per share price requirement. The company hoped that it would be able to comply with applicable requirements before the deadline.

    Initiation of phase 1 trials

    On 15th of July, ADXS announced the initiation of phase 1 clinical trials. The trials would have to evaluate the DXS-504 in patients with biochemically recurrent prostate cancer. The study is the first clinical evaluation of ADXS-504. Mark Stein, M.D. was named as the principal investigator of the study. Dr. Andres Gutierrez, Chief Medical Officer of Advaxis , said that Phase 1 study ouldl evaluate the safety, tolerability, immunogenicity and clinical activity of ADXS-504 in men who have undergone radical prostatectomy or radiotherapy and whose prostate specific antigen (PSA) levels in the blood are rising.

    ADXS agreement with Biosight

    On 6th of July, ADXS announced that the company had entered into a definitive agreement with the Biosight. The company said that after the agreement, shareholder of Biosight would become the major shareholders of the combined company immediately after the completion of transaction. According to the details, the merger would have to create a public company. The company would prioritize the clinical advancement of aspacytarabine (BST-236), Biosight’s lead product. It was expected that the combined company would have cash and cash equivalents of $50 million. It was expected that during the second half of 2021, ADXS would be renamed Biosight Therapeutics and would be traded under the ticker “BSTX” on NASDAQ capital market. Dr. Ruth Ben Yakar, CEO of Biosight, said that the combined company would have the demonstrated expertise and strong balance sheet to advance its lead programs towards multiple anticipated milestones.

    What’s next for ADXS?

    According to the details, ADXS is expected to post revenue of $2.99 million during the current fiscal year. During current fiscal year, the EPS of ADXS is expected to increase by 60.30% during the current fiscal. Based on these statistics, it is hoped that the company is on a track to achieve the financial success in near future. So, potential investors should keep a close watch on ADXS stock.