STOCKS TELEGRAPH

Author: Iqra Jamal

  • Virpax Pharmaceuticals, Inc. (VRPX) Stock Surged 10.37% Today, Here’s Why         

    Virpax Pharmaceuticals, Inc. (VRPX) stock surged 10.57% in the current-market trading session at the price of $4.47 after reporting positive results from toxicology and pharmacokinetic study of Epoladerm.  

    VRPX develops product candidates for neurological disorders and chronic pain management to optimize drug delivery. The company is currently working on Epoladerm, an investigational painkiller that controls osteoarthritis-related chronic pain.

    Favorable Results from Toxicology and Pharmacokinetic Study 

    On 8th December 2021, VRPX reported positive results from the toxicology and pharmacokinetic study designed for Epoladerm. It is an investigational product candidate supplied as a topical spray film in pre-filled device to lessen pain related to osteoarthritis.   

    Chairman and Chief executive officer of VRPX, Anthony P. Mack, remarked that this is a critical step in the advancement of Epoladerm. These outcomes from the study will further prepare them for future clinical trials. These results highlight the safety of their spray film technology, he added.  

    VRPX Third Quarter 2021 Financial Results 

    On 15th November 2021, VRPX reported its financial results for the three and nine months ended on 30th September 2021. The company has also provided details regarding recent business developments. 

    Financial Highlights 

    For the nine months ended on 30th September 2021, the loss from operations was $7.9 million. Loss from operations was approximately $3.5 million for the first nine months ended 30th September 2020. VRPX has $9.6 million cash from operations for the nine months ended on 30th September 2021. For the nine months ended on 30th September 2020, the cash used in operations was $1.2 million. Cash from financing activities totaled $51.3 million for the nine months ended on 30th September 2021. 

    General and administrative costs were $4.8 million for the nine months ended on 30th September 2021. It represents a gain of $2.5 million, or 107%, from $2.3 million for the same nine months ended 30th September 2020. For the nine months ended 30th September 2021, research and development costs grew by 160%, or $1.9 million, to $3.1 million. Research and development expenses totaled $1.2 million for the nine months ended on 30th September 2020. On 30th September 2021, the company had roughly $41.7 million in cash.

  • RLX Technology Inc. (RLX) Stock Surged 9.97% Pre-Market, Here’s Why           

    RLX Technology Inc. (RLX) stock surged 9.97% in the pre-market trading session at the price of $4.30 after announcing a share repurchase program worth $500 Million.

    RLX Technology Inc. is one of the best branded e-vapor companies in China. It markets products through its “branded store plus” retail model and integrated offline distribution.  

    RLX Announced $500M Share Repurchase Program

    On 8th December 2021, RLX published that its board of directors had approved a share repurchase program. Under the program, the company may repurchase about $500 million of its shares by 31st December 2023. The board of directors may adjust the terms and size after evaluating the share repurchase program. The company anticipates funding the repurchases from its current cash balance. 

    RLX Third Quarter 2021 Financial Results 

    On 3rd December 2021, RLX reported its financial results for the third quarter ended 30th September 2021. The company has also provided its business highlights. 

    Financial Summary  

    RLX calculated net revenue of RMB1,676.7M for the third quarter of 2021. It represents a drop of 34.0% from RMB2,541.4M in the second quarter of 2021. For the third quarter of 2021, gross profit lessened by 42.8% to RMB656.0M. Gross profit was RMB1,146.5M in the previous quarter of 2021. The company reported a gross margin of 39.1% for the Q3 of 2021. For the second quarter of 2021, the gross margin was 45.1%.

    RLX reported operating expenses of RMB241.3M for the third quarter of 2021. It represents a loss of 244.4% from RMB167.2 million in the previous quarter of 2021. For the third quarter of 2021, income from operations totaled RMB897.3 million. Income from operations was RMB979.3 million for the second quarter of 2021.

    RLX reported a net income of RMB976.4 million for the third quarter of 2021. Net income was RMB824.3 million for the second quarter of 2021. GAAP net income per basic share was RMB0.724 in the third quarter of 2021. In the second quarter of 2021, GAAP net income per basic share was RMB0.595. As of 30th September 2021, the company had total cash and cash equivalents of RMB14,720.3 million.

  • Matinas BioPharma Holdings, Inc. (MTNB) Stock Surged in Pre-Market, Here’s Why

    Matinas BioPharma Holdings, Inc. (MTNB) stock surged 0.99% in the pre-market trading session at the price of $1.02 despite no fundamental reason. The last published news was the appointment of Mr. Thomas Hoover as Chief Business Officer. 

    MTNB is a biopharmaceutical firm centered on improving the intracellular delivery of critical therapeutics using its paradigm-changing lipid nanocrystal platform.  

    Thomas Hoover Joined as Chief Business Officer 

    On 6th December 2021, MTNB announced that it had appointed Thomas Hoover as its Chief Business Officer. Mr. Thomas will be responsible for strategic planning, business development, licensing, and partnership management. He has over 20 years of biopharmaceutical experience in various business development positions across a broad range of therapeutic categories.  

    He was most recently serving at Millendo Therapeutics as Chief Commercial Officer and Chief Business Officer. Before that role, Mr. Thomas was Vice President of Corporate Development and Product Planning at Sepracor, Inc. He has an M.B.A. degree from the University of North Carolina Kenan-Flagler Business School. He did his B.A. in Economics from Harvard University. 

    Management Comments  

    Chief Executive Officer of MTNB, Jerome D. Jabbour, remarked that they are excited to welcome Thomas to their executive management team at this transformational time. His comprehensive experience in leading business and corporate development roles will be invaluable as they advance and expand the LNC platform. 

    Mr. Hoover commented that the LNC technology has the potential to reshape the intracellular delivery of small and complex molecules. He is excited to join at such a critical moment in the company’s trajectory. He looks ahead to collaborating with Jerry and the outstanding team to maximize the true potential of the LNC platform. 

    MTNB Third Quarter 2021 Financial Results 

    On 8th November 2021, MTNB published its financial results for the third quarter ended 30th September 2021. On 30th September 2021, cash and cash equivalents totaled $53.8 million. Cash and cash equivalents were $58.7 million on 31st December 2020. For the third quarter of 2021, net loss totaled $6.8 million, or per basic and diluted share of $0.03. Net loss was $5.7 million, or per share of $0.03, for the same quarter of 2020. 

  • Elevation Oncology, Inc. (ELEV) Stock Surged 21.61% Today, Here’s Why

    Elevation Oncology, Inc. (ELEV) stock surged 21.61% in the current-market trading session at the price of $5.29 despite no fundamental reason. The last published news was its financial results for the third quarter ended 30th September 2021.

    ELEV intends to make genomic tests actionable by developing drugs to repress specific alterations that drive tumor growth. Its lead candidate, seribantumab, has been designed to inhibit tumor growth related to NRG1 fusions.

    ELEV Third Quarter 2021 Financial Results

    On 12th November 2021, ELEV published its financial results for the third quarter that ended 30th September 2021. The company has also provided its business updates.

    Financial Highlights

    As of 30th September 2021, ELEV has cash and cash equivalents of $155.2 million. It has expected to fund current operations till the second quarter of 2023. For the third quarter ended 30th September 2021, net loss totaled $12.3 million. Net loss was $3.0 million for the third quarter ended 30th September 2020.

    ELEV reported research and development expenses of $9.3 million for the third quarter of 2021. For the third quarter of 2020, research and development expenses were $2.6 million.  The rise in R&D expense resulted from higher manufacturing and clinical trial costs related to the CRESTONE study.

    For the third quarter ended 30th September 2021, ELEV reported general and administrative costs of $3.0 million. General and administrative expenses were $0.5 million for the third quarter ended 30th September 2020. The higher G&A expenses resulted from professional services, personal charges, and other administrative costs.

    Management Comments

    Founder and Chief Executive Officer of ELEV, Shawn M. Leland, remarked that their third quarter witnessed continued growth in their target to provide purpose-built medicines to genomically defined cancer patients. The CRESTONE Study is open and enrolling patients in the United States, Canada, and Australia. They are satisfied with the durable clinical benefit of seribantumab for patients with metastatic pancreatic cancer. Their partnership with Caris Life Sciences has unveiled a series of potential plans targeting genomic fusions. He is happy to welcome Valerie Malyvanh Jansen as their first Chief Medical Officer, he added.

  • Conn’s, Inc. (CONN) Stock Surged 4.24% Today, Here’s Why      

    Conn’s, Inc. (CONN) stock surged 4.24% in the current-market trading session at the price of $23.12 after reporting its financial results for the third fiscal quarter ended 31st October 2021.  

    CONN, headquartered in Texas, United States, is a specialty retailer of furniture, mattress, office products, electronics, and home appliances. The company offers a diverse range of products on a seasonal basis.  

    CONN Third Quarter Fiscal 2022 Financial Results 

    On 7th December 2021, CONN announced its financial results for the third fiscal quarter ended 31st October 2021. The company has also presented its business updates.  

    Financial Highlights 

    CONN reported a net income of $18.2 million, or per diluted share of $0.60, for the quarter ended 31st October 2021. For the three months ended 31st October 2020, net income was $7.4 million, or per diluted share of $0.25. On 31st October 2021, the company reported net debt of 37.7%. Net debt as a percent of the portfolio balance was 48.2% on 31st October 2020. Same-store sales grew 20.6% for the third fiscal quarter ended 31st October 2021. eCommerce sales increased 294.8% to $19.2 million for the third quarter of fiscal 2022. 

    For the three months ended 31st October 2021, CONN calculated retail revenues of $334.8 million. It represents a gain of $74.9 million, or 28.8%, from $259.9 million for the third quarter ended 31st October 2020. For the three months ended 31st October 2021, credit revenues totaled $70.6 million. It represents a drop of $3.6 million, or 4.9%, from $74.2 million for the three months ended 31st October 2020.  For the three months ended 31st October 2021, operating income from the retail segment totaled $22.5 million. The company reported a retail segment operating income of $15.2 million for the third quarter of fiscal 2021. 

    Management Comments  

    Chief Executive Officer of CONN, Chandra Holt, remarked that he is pleased to report strong performance in their fluid business environment. The company is well-positioned for the fourth quarter of 2021 and the holiday season. They are on track to achieve notable revenue growth and record earnings in fiscal 2022. He wants to thank the whole team for its continued hard work and devotion, Ms. Holt added. 

  • ironSource Ltd. (IS) Stock Surged 8.41% Today, Here’s Why

    ironSource Ltd. (IS) stock surged 8.41% in the current-market trading session at the price of $8.64 despite no fundamental reason. The last reported news was its financial results for the third quarter ended 30th September 2021. ironSource is the best business program that empowers mobile content creators to prosper in the App Economy.

    ironSource Third Quarter 2021 Financial Results

    On 10th November 2021, ironSource Ltd. (IS) published its financial results for the three months ended on 30th September 2021. The company has also provided its business outlook for the fourth quarter ending 31st December 2021 and renewed its guidance for the full year 2021.

    Financial Summary

    For the third quarter ended 30th September 2021, ironSource Ltd. (IS) reported revenue of $140 million. It represents a 60% gain from the third quarter of 2020. Net income totaled $19 million for the third quarter of 2021. For the third quarter of 2021, the company reported $51 million in adjusted EBITDA. It represents a year-over-year gain of 70%. For the three months that ended on 30th September 2021, the adjusted EBITDA margin was 36%. Net cash was $788 million for the third quarter ended on 30th September 2021.

    ironSource Business Outlook

    ironSource Ltd. (IS) expects revenue to range from $140 million to $145 million for the fourth quarter of fiscal 2021. It represents year-over-year growth of 32%. Adjusted EBITDA has expected to range from $50 million to $52 million, representing year-over-year growth of 57%.

    For the full fiscal 2021, IS expects revenue to be between $535 million to $540 million. It represents year-over-year growth of 62%. The company expects adjusted EBITDA to be from $186 million to $188 million, representing year-over-year growth of 81%.

    Management Comments

    Chief executive officer and co-founder of IS, Tomer Bar Zeev, remarked that they had generated record revenue of $140 million during the third quarter. Their strong performance is a tribute to their scale and technology advantage. This growth is evidence of the strength of their platform-based approach for App Economy. This approach has also driven their M&A program. The company has announced two strategic acquisitions to expand this program and improve relations with clients, he added.

  • BEST Inc. (BEST) Stock Surged 5.51% Pre-Market, Here’s Why                  

    BEST Inc. (BEST) stock surged 3.45% in the pre-market trading session at the price of $0.90 despite no fundamental reason. The last published news was its financial results for the three months that ended on 30th September 2021.   

    BEST Inc. is a leading provider of logistics services and integrated supply chain solutions. The company offers a broad set of logistics and value-add services through its exclusive technology platform and widespread networks.  

    BEST Third Quarter 2021 Financial Results 

    On 16th November 2021, BEST published its unaudited financial results for the three months that ended on 30th September 2021. The company has also presented its corporate updates.   

    Financial Summary  

    BEST reported revenue of RMB6,812.4 million (US$1,057.3 million) for the third quarter of 2021. It represents a year-over-year drop of 14.6%. For the third quarter of 2021, the gross loss totaled RMB505.1 million (US$78.4 million). The company reported a gross loss of RMB58.5 million for the third quarter of 2020. As of 30th September 2021, cash and cash equivalents totaled RMB3,378.3 million (US$524.3 million). The company reported cash and cash equivalents of RMB3,413.3 million as of 30th June 2021.

    For the third quarter ended 30th September 2021, BEST reported net loss of RMB654.9 million (US$101.6 million). Net loss was RMB565.9 million for the third quarter of 2020. Diluted EPS was negative RMB1.65 (US$0.26) for the third quarter of 2021. For the third quarter of 2020, diluted EPS was negative RMB1.45. The cost of revenue totaled RMB7,317.5 million (US$1,135.7 million) for the third quarter of 2021.

    BEST reported a negative EBITDA of RMB451.8 million (US$70.1 million) for the third quarter ended 30th September 2021. EBITDA was negative RMB392.6 million for the third quarter of 2020. For the third quarter ended 30th September 2021, adjusted EBITDA was negative RMB481.1 million (US$74.7 million). Adjusted EBITDA was negative RMB369.5 million for the third quarter of 2020.

    Selling, general, and administrative costs totaled RMB423.4 million (US$65.7 million) for the third quarter ended 30th September 2021. SG&A expenses were RMB453.5 million for the third quarter of 2020. BEST reported research and development expenses of RMB61.2 million (US$9.5 million) for the third quarter of 2021. R&D expenses totaled RMB44.9 million for the third quarter ended 30th September 2020.

  • Insignia Systems, Inc. (ISIG) Stock Surged 200.40% Monday, Here’s Why

    Insignia Systems, Inc. (ISIG) Stock Surged 200.40% Monday, Here’s Why

    Insignia Systems, Inc. (ISIG) stock surged 200.40% on Monday at the price of $15.05 following the announcement of the review of strategic alternatives.

    Insignia Systems, Inc. (ISIG) provides a wide range of product solutions from in-store to digital advertisement. The company offers a full suite of shopper engagement solutions to the retailers of consumer-packaged goods (CPG) all across the country.  

    ISIG Published Review of Strategic Alternatives 

    On 6th December 2021, ISIG published that it had initiated a formal process to explore strategic alternatives to improve shareholder value. Potential strategic options include a merger, acquisition, in-licensing, business combination, or other strategic transaction. The company has not yet scheduled a timetable to complete the review procedure and there is no guarantee that this process will result in any transaction. The company will disclose further information after the approval from its Board of Directors.

    ISIG Third Quarter 2021 Financial Results 

    On 4rth November 2021, ISIG reported its financial results for the third quarter ended 30th September 2021. The company has also provided its business updates.  

    Financial Summary 

    For the third quarter of 2021, ISIG reported sales of $3,493,000. It represents a drop of 21.2% from $4,435,000 for the third quarter of 2020. For the third quarter of 2021, gross profit declined to $545,000, or 12.6% of net sales. Gross profit totaled $559,000 for the third quarter of 2020. As of 30th September 2021, the company reported cash and cash equivalents of $3.7 million. Cash and cash equivalents were $7.1 million on 31st December 2020. The gain on the sales was $195,000, or 4.3% of net sales for the third quarter of 2021. 

    For the third quarter ended 30th September 2021, selling expenses were $425,000, or 12.2% of net sales. Selling costs were $585,000 for the third quarter of 2020. ISIG reported general and administrative expenses of $779,000, or 22.3% of net sales, for the third quarter of 2021. G&A expenses were $840,000 for the third quarter ended 30th September 2020. Net loss was $921,000, or per basic and diluted share of $0.52, for the third quarter of 2021. For the third quarter of 2020, net loss was $886,000, or per basic and diluted share of $0.51.

  • Luokung Technology Corp. (LKCO) Stock is Soaring Today, Here’s Why

    Luokung Technology Corp. (LKCO) Stock is Soaring Today, Here’s Why

    Luokung Technology Corp. (LKCO) stock surged 1.19% in the current-market trading session at the price of $0.76 despite no fundamental reason. The last reported news was its interim revenue results for the three and nine months ended on 30th September 2021.  

    Luokung Technology Corp. is one of the largest spatial-temporal intelligent data services corporations. It provides HD and LBS Maps for multiple companies in China.  

    LKCO Reported Interim Revenue Results  

    On 2nd December 2021, LKCO published interim revenue results for the three and nine months ended 30th September 2021. LKCO reported revenue of $37.0 million for the third quarter ended on 30th September 2021. Revenue totaled $5.8 million for the same quarter of 2020. For the nine months ended on 30th September 2021, the total revenue was approximately $74.9 million. The company reported revenue of $13.1 million for the same nine months ended on 30th September 2020.  

    LKCO First Half 2021 Financial Results 

    Earlier on 1st November 2021, LKCO reported its financial results for the first six months ended on 30th June 2021. The company has also provided its corporate updates. 

    Financial Summary 

    For the first half ended on 30th June 2021, LKCO reported an increase in revenue to $37.8 million. Revenue totaled $7.3 million for the six months ended 30th June 2020. Operating costs and expenses grew to $62.9 million for the first half of 2021. The company reported operating expenses of $24.2 million for the first half ended 30th June 2020. Loss from operations totaled $25.1 million for the first half ended on 30th June 2021. For the same six months of 2020, the loss from operations was $16.9 million.    

    LKCO reported a net loss of $26.7 million, or per share of $0.09, for the first half ended on 30th June 2021. For the same six months ended 30th June 2020, net loss was $18.9 million, or per share of $0.09. As of 30th June 2021, the company has a cash balance of $14.5 million. The cash balance totaled $0.07 million as of 31st December 2020. The company reported $51.2 million in the working capital deficit and $136.7 million in total shareholders’ equity on 30th June 2021. 

  • Cyren Ltd. (CYRN) Stock Plunged 8.88% Today, Here’s Why     

    Cyren Ltd. (CYRN) Stock Plunged 8.88% Today, Here’s Why     

    Cyren Ltd. (CYRN) stock plunged 8.88% in the current market trading session at the price of $0.29 despite no fundamental reason. The last published news was its earnings report for the three months ended on 30th September 2021.

    Cyren Ltd. (CYRN) provides cloud security solutions to protect users from everyday cyber-attacks. The company delivers fast time-to-protection with embedded threat intelligence, threat detection, and email security solutions.

    CYRN Third Quarter 2021 Financial Results

    On 15th November 2021, CYRN published its financial results for the third quarter that ended on 30th September 2021. The company has also presented its business highlights. 

    CYRN Financial Summary 

    For the third quarter ended 30th September 2021, CYRN reported revenue of $7.5 million. Revenue totaled $9.1 million for the third quarter ended 30th September 2020. For the third quarter of 2021, GAAP net loss totaled $5.8 million. The company reported a GAAP net loss of $4.9 million for the same three months of 2020. For the third quarter ended 30th September 2021, GAAP loss was $0.07 per basic and diluted share. The company reported a GAAP loss per (basic and diluted) share of $0.08 for the third quarter of 2020.  

    For the third quarter ended 30th September 2021, cash from operating activities totaled $4.9 million. Cash from operating activities was $3.6 million for the third quarter ended 30th September 2020. For the third quarter of 2021, the company reported a positive net cash flow of $4.1 million with $9.3 million in net proceeds. Net cash flow was negative $3.2 million for the third quarter of 2020. As of 30th September 2021, the cash and cash equivalents were $17.9 million. CYRN reported cash and cash equivalents of $9.3 million as of 31st December 2020. 

    Management Comments  

    Chief executive officer of CYRN, Brett Jackson, remarked that the company is working to achieve higher revenue growth by building a new recurring revenue stream in the anti-phishing market. They are delighted to announce that Cyren Inbox Security market momentum continued to improve with a 36% rise in customer transactions during the third quarter. They believe Cyren Inbox Security will accelerate future revenue growth for the company, he added.