STOCKS TELEGRAPH

Author: Iqra Jamal

  • Oceaneering International, Inc. (OII) Stock Plunged 1.23% Pre-Market, Here’s Why

    Oceaneering International, Inc. (OII) Stock Plunged 1.23% Pre-Market, Here’s Why

    Oceaneering International, Inc. (OII) stock plummeted 1.23% in the pre-market trading session at the price of $12.87 despite no fundamental reason. The last reported news on the company’s website was its second quarter of 2021 financial results. OII is an international company that provides engineered products and services to the offshore energy, defense, aerospace, and entertainment industries.

    OII Second Quarter 2021 Financial Results

    On 28th July 2021, OII stock announced its financial results for the second quarter ended on 30th June 2021. The reported net income was $6.2 million, or $0.06 per share, for the second quarter of 2021. Net loss was $9.4 million or $(0.09) per share during the first quarter ended 31st March 2021. The total revenue was $498 million for the three months ended on 30th June 2021. The reported revenues were $438 million during the first quarter ended 31st March 2021.

    OII reported an adjusted net income of $10.4 million, or $0.10 per share, in the second quarter of 2021. The adjusted net income was $2.8 million, or $0.03 per share, in the first quarter of 2021. Consolidated EBITDA was $60.6 million and consolidated adjusted operating income was $24.2 million in the second quarter of 2021. Cash flow and free cash flow from operations were $50.5 million and $37.9 million, respectively in the second quarter ended 30th June 2021.

    CEO Comments

    Chief Executive Officer of OII stock, Roderick A. Larson, remarked that they are raising adjusted EBITDA guidance from $200 to $225 million for the whole year because of their first-half financial performance. Regardless of ongoing COVID-19 related uncertainties, they are confident due to positive client cooperation, higher oil price expectations, and a developing backlog. Their second quarter 2021 results reflected positive net income as they earned more than expected adjusted EBITDA of $60.6 million. Their positive performance resulted from increased seasonal demand for their services and products, he added.

    Third Quarter 2021 Outlook

    For the third quarter of 2021, OII stock anticipates lower activity levels and comparatively flat operating profitability in the OPG segment compared to the second quarter. The company expects flat activity and operating profitability in their SSR, Manufactured Products, and IMDS segments. The expected unallocated expenses are in the range of mid-$30 million. For third-quarter 2021 results, they expect a sequential drop of $50-$55 million in their adjusted EBITDA.

  • Dynatronics Corporation (DYNT) Stock Surged 6.00% Pre-Market, Here’s Why 

    Dynatronics Corporation (DYNT) Stock Surged 6.00% Pre-Market, Here’s Why 

    Dynatronics Corporation (DYNT) stock soared 6.00% in the pre-market trading session at the price of $1.53 after announcing its fourth quarter and fiscal year 2021 financial results. DYNT is a medical company that offers high-quality therapeutic products to stimulate achieving optimal health. It designs, produces, and commercializes clinical products for physical therapy, rehabilitation, and pain management.  

    DYNT Fourth Quarter and Fiscal 2021 Financial Results 

    On 23rd September 2021, DYNT announced financial results for its fourth quarter and fiscal year ended 30th June 2021 and provided recent corporate updates. CEO of Dynatronics, John Krier, remarked that their “customer and dealer reaction to Dynatronics” optimization strategy supported the transformations they made in April 2021 which will remain their top priority. Customer and dealer demand have boosted their confidence to initiate revenue guidance. They anticipate higher revenue growth in fiscal 2022 as they are working on building value for their shareholders by improving margins, he added.  

    Fourth Quarter Fiscal 2021 Financial Highlights 

    DYNT reported net sales of $12.2 million for the fourth quarter ended 30th June 2021. Net sales were $8.1 million in the same period of 2020. Goss profit margin was 19.1% for the fourth quarter of fiscal 2021, compared to the gross profit margin of 17.4% in the same quarter of fiscal 2020. Net income was $2.9 million for the fourth quarter of 2021, compared to a net loss of $2.3 million in the same quarter of the previous year.  

    The reported net loss per share, attributable to common stockholders, was $0.16 for the fourth quarter ended 30th June 2021. The net loss attributable to common stockholders was $(0.18) for the same quarter of the previous year. DYNT reported cash of $6.1 million at the end of the fourth quarter of 2021, representing the highest cash position in recent years. 

    Fiscal Year 2021 Financial Summary 

    DYNT reported net sales of approximately $47.8 million for fiscal ended 30th June 2021. The reported gross profit margin was 27.0% for the fiscal year ended 30th June 2021. Fiscal 2021 gross profit margin on total net sales reported 28.0%, excluding $0.5 million optimization exit activity costs.  

    DYNT Fiscal Year 2022 Guidance 

    DYNT expects sales revenue of approximately $11.5 to $12.0 million in the first quarter of fiscal 2022. The expected net sales growth in procedure volume is $40 million to $45 million in fiscal year 2022. In the first quarter of fiscal 2022, the anticipated selling, general, and administrative expenses are 30% to 35% of net sales.

  • StealthGas Inc. (GASS) Stock Plunged 18.95% After-Hours, Here’s Why  

    StealthGas Inc. (GASS) Stock Plunged 18.95% After-Hours, Here’s Why  

    StealthGas Inc. (GASS) stock plummeted 18.95% in the after-hours trading session at the price of $2.08 despite no recent developments. The last published news was its second quarter and six months of 2021 financial results. GASS is an international ship-owning company that provides liquefied petroleum gas (LPG) to the shipping industries globally.   

    GASS Second Quarter and Six Months 2021 Financial Results 

     On 25th August 2021, GASS published its financial and operating results for the second quarter and six months ended 30th June 2021.  

    Board Chairman, Michael Jolliffe, remarked that they have raised total revenues and reduced their commercial off-hire during their 2021 second quarter. They have also enlarged period charters and decreased the number of spot vessels reaching pre-pandemic levels. These six additional vessels increased their operating cost base compared to the same quarter of the previous year. The additional costs resulted from the COVID-19 pandemic and crew medical expenses. Their strong fleet across the broader LPG spectrum had further enhanced by a recent deal to sell two small LPG vessels and low debt levels. It will enable them to gain leverage regardless of the global economic crises caused by the recent COVID-19 pandemic escalation, he concluded. 

    Second Quarter 2021 Financial Highlights 

    GASS reported revenues of $39.2 million for the three months ended on 30th June 2021. It represents a $2.9 million gain from $36.3 million for the same quarter ended 30th June 2020. The company reported a net income of $1.6 million for the three months ended on 30th June 2021. The net income was $8.9 million for the same quarter of the previous year.  

    Earnings per basic and diluted share was $0.04 for the three months ended on 30th June 2021. The earnings per share were $0.23 for the same quarter of 2020. Adjusted net income was $4.8 million or $0.13 per share for the second quarter of 2021 compared to $9.5 million or $0.25 per share for the same period of 2020. 

    Six Months 2021 Earnings Report 

    GASS reported revenues of $76.7 million for the six months ended on 30th June 2021. It represents a $6.1 million gain from $70.6 million for the six months ended 30th June 2020. The company reported a net income of $2.4 million for the six months ended on 30th June 2021. Net income was $11.9 million for the same period of 2020. Earnings per share totaled $0.06 for the six months ended on 30th June 2021. For the same period of 2020, reported earnings per share were $0.31. 

  • Aehr Test Systems (AEHR) Stock Surged 23.17% After-Hours, Here’s Why 

    Aehr Test Systems (AEHR) Stock soared 23.17% in the after-hours trading session at the price of $14.51 after reporting financial results for its first quarter of fiscal 2022. AEHR is a leading provider of test systems for burning-in, optical, and memory integrated circuits. The company has established over 2,500 systems globally. 

    AEHR First Quarter Fiscal 2022 Financial Results 

    On 23rd September 2021, AEHR published an earnings report for its first quarter of fiscal 2022 ended 31st August 2021. It has also raised its fiscal 2022 revenue guidance by 80% to at least $50 million.  

    CEO of AEHR, Gayn Erickson, remarked that they have achieved record bookings of $20.7 million in their first quarter and are off to a strong start for fiscal 2022. They have announced an additional $19.4 million, raising the total bookings to over $40 million for fiscal 2022. They are engaging with various leading silicon carbide providers in detailed discussions regarding their wafer-level test and burn-in needs. The company expect to add multiple new silicon carbide customers for the next 18 months. They have witnessed strong demand for wafer-level burn-in of silicon carbide devices. These silicon carbide power semiconductors have emerged as the most favored technology for electric power conversion and electric engines control, he concluded.  

    First Quarter Fiscal 2022 Financial Summary 

    AEHR reported net sales of $5.6 million for the first fiscal quarter ended 31st August 2021. It represents an increase of 181% from $2.0 million in the first quarter of fiscal 2021. The backlog was $16.6 million as of 31st August 2021, a gain of $1.6 million as of 31st May 2021. Effective backlog since the end of the first quarter is approximately $36 million. 

    AEHR reported net income of $696,000, or $0.03 per diluted share, for the first quarter of fiscal 2022. It includes $1.7 million in loans from the Paycheck Protection Program that the company acquired in fiscal 2020. The net income was $107,000 or $0.00 per diluted share for the first fiscal quarter ended 31st August 2020. It includes a gain of $2.4 million associated with the closure of Aehr’s Japan subsidiary during the first fiscal 2021 quarter. 

    Fiscal 2022 Financial Guidance 

    AEHR has increased its total revenue by $28 million or 80% to $50 million for the fiscal year ending 31st May 2022. The new full-year 2022 revenue is over three times more than the previously reported revenue guidance. The company anticipates higher fiscal year profit at these revenue levels based on its operating model.

  • Transcode Therapeutics, Inc. (RNAZ) Stock Surged 55.66% Today, Here’s Why 

    Transcode Therapeutics, Inc. (RNAZ) stock soared 55.66% in the current-market trading session at the price of $4.08 following the publication of preclinical data supporting the therapeutic potential of TTX-MC138 in breast cancer. Transcode is a leading RNA oncology company that employs RNA therapeutics to treat cancerous cells. The drug candidates designed by the company target a variety of tumor types.  

    RNAZ Published Data Supporting Therapeutic Potential of TTX-MC138 

    On 23rd September 2021, RNAZ announced the publication of preclinical data in Cancer Nanotechnology supporting its drug candidate, TTX-MC138. The article has published after the thorough research conducted at the Athinoula A. Martinos Center in Radiology Department. 

    CEO of TransCode, Michael Dudley, remarked that their TTX technology develops upon previous experience with iron oxide nanoparticles that have been used earlier in humans for imaging. This technology will assist in patient selection for future treatment and potentially minimize risks in future clinical studies. This research confirms the pharmacokinetic profile of TTX-MC138 that supports the delivery of RNA-based therapy for solid tumors. Their Phase-0 study has the potential to build a clinical proof-of-concept for this therapy, he added.  

    Second Quarter 2021 Financial Results 

    On 23rd August 2021, RNAZ published financial results for the second quarter ended 30th June 2021 and provided recent business developments. The company has completed an initial public offering of approximately 7,187,500 shares of common stock. It resulted in aggregate gross proceeds of roughly $28.8 million. The company reported an operating loss of $356 thousand in the second quarter ended 30th June 2021. Operating loss was $92 thousand in the same period of 2020. Net income was $2.8 million, or $0.60 per basic share and $0.51 per diluted share, for the second quarter ended 30th June 2021. For the second quarter ended 30th June 2020, net loss was $127 thousand, or $0.03 per basic and diluted share. 

    RNAZ reported cash and cash equivalents of $80 thousand as of 30th June 2021. For the second quarter ended 30th June 2021, research and development expenses were approximately $212 thousand. R&D expenses were $75 thousand in the same quarter of the previous year. The increase resulted from higher purchases of materials, license fees, lab facility expenses, and share-based compensation expenses. General and administrative expenses were $144 thousand in the second quarter ended 30th June 2021. In the same quarter of the prior year, G&A expenses were approximately $177 thousand. The increase resulted from higher legal, accounting insurance, and share-based compensation expenses. 

  • Cabaletta Bio, Inc. (CABA) Stock Plunged 7.38% Pre-Market, Here’s Why   

    Cabaletta Bio, Inc. (CABA) stock plummeted 7.38% in the pre-market trading session at the price of $11.30 despite no recent developments. The last published news was the appointment of Michael Gerard as the company’s general counsel. CABA is a clinical-stage biotechnology company that identifies and develops engineered T-cell therapies to treat B cell-mediated autoimmune diseases.  

    CABA Appointed Michael Gerard 

    On 7th September 2021, CABA published that it had appointed Michael Gerard as general counsel. Mr. Gerard has previously served at Spark Therapeutics as Associate General Counsel. He has also worked at Aramark as Assistant General Counsel. Earlier, he joined Morrison & Foerster LLP after starting his legal career at K&L Gates LLP. He holds J.D. from Cornell Law School and has a B.A. degree in Political Science from Michigan University. 

    Clinical Data from the Second Dose Cohort in DesCAARTes Trial 

    On 18th August 2021, CABA published data from the second dose cohort in the DesCAARTes Phase 1 clinical trial of DSG3-CAART. The second dose cohort of DSG3-CAART treats patients with mucosal-dominant pemphigus Vulgaris (mPV). The DesCAARTes trial has started enrollment of patients in the third cohort at 500 million DSG3-CAART cells treatment dose. DLTs in the fourth dose cohort with 2.5 billion cells will also start dosing this year. The company anticipates announcing top-line data on biologic activity and safety of the 500 million dose cohort in the fourth quarter of 2021. CABA will also present additional data on a cohort-by-cohort basis for the DesCAARTes trial as soon as possible.  

    Second Quarter 2021 Financial Results 

    On 5th August 2021, CABA published financial results for the second quarter ended 30th June 2021, and provided corporate updates. The cash, cash equivalents, and investments were approximately $102.8 million as of 30th June 2021. The company reported cash and cash equivalents of $108.7 million as of 31st December 2020. Under its at-the-market stock offering program, the company received $7.7 million in net proceeds. The company anticipates that its cash and cash equivalents in the 2021 period will be sufficient to fund its fourth-quarter 2022 operating plans. 

    CABA reported research and development expenses of $7.9 million for the three months ended on 30th June 2021. R&D expenses were $5.3 million for the same period of the previous year. General and administrative expenses were $3.3 million for the three months ended on 30th June 2021. The reported G&A expenses were approximately $2.9 million for the same quarter in 2020. 

  • Seelos Therapeutics, Inc. (SEEL) Stock Surged 4.27% After-Hours, Here’s Why  

    Seelos Therapeutics, Inc. (SEEL) stock soared 4.27% in the after-hours trading session at the price of $2.20 despite no fundamental reason. The last published news was the company’s participation in the upcoming investor conferences in September 2021. SEEL is a clinical-stage biopharmaceutical company. It discovers and develops novel therapeutics to treat patients dealing with central nervous system (CNS) disorders.   

    Participation in Investor Conferences in September 2021 

    On 9th September 2021, SEEL announced that it would present at the Cantor Virtual Global Healthcare Conference from 27th-30th September 2021. Chairman and CEO of the company, Raj Mehra, will host conference calls and participate in a fireside chat on 29th September 2021, at 10:00 am ET. 

    SEEL Appointed Margaret Dalesandro 

    On 2nd September 2021, SEEL published that it had appointed Margaret Dalesandro as the Board of Directors. As a proficient biopharmaceutical official, she has 30 years of experience in the development and commercialization of drugs. She worked at numerous senior management positions at ImClone Systems, Inc. In Portfolio and Alliance Management, she directed the successful development of ERBITUX (cetuximab), which contributed $6.5 billion in sales of ImClone in 2008.   

    She is currently the founder and president of Brecon Pharma Consulting LLC. Brecon Pharma is a full-service pharmaceutical and biotechnology consultancy that identifies and obtains critical information early in product development. CEO of SEEL, Raj Mehra, remarked that Dr. Margaret brought enormous drug development and commercialization experience to the company. As they advance with their late-stage clinical development, they expect meaningful contributions from her.  

    Senior Management Appointments 

    On 1st September 2021, SEEL published that it had promoted Anthony Marciano to Chief Communications Officer. The company had also promoted Michael Golembiewski to Chief Financial Officer. Both promotions became effective on 1st September 2021. Raj Mehra congratulated both of them on their senior promotions. He remarked that their senior management roles evidence their hard work and dedication to the company.  

    Mr. Golembiewski started his work with SEEL as Vice President of Finance in January 2019. Before this position, he served as the Vice President of Finance at Agile Therapeutics, Inc. He is a Certified Public Accountant and started his career with ImClone Systems Incorporated.

    Mr. Marciano joined SEEL in August 2017 as a consultant and was allocated Head of Corporate Communications later in 2019. Mr. Marciano began his career at Leerink Partners as a healthcare-dedicated institutional equity salesman in 2000. He has a deep understanding of the investment banking process, placement of equity, and debt transactions. 

  • BlackBerry Limited (BB) Stock Surged 6.17% After-Hours, Here’s Why 

    BlackBerry Limited (BB) stock soared 6.17% in the after-hours trading session at the price of $10.15 after reporting the second-quarter fiscal year 2022 financial results. BlackBerry is a leading global provider of security software and intelligence services to businesses and governments.   

    BB Second Quarter Fiscal Year 2022 Earnings Reports 

    On 22nd September 2021, BB published financial results for the second quarter, which ended on 31st August 2021. CEO of BlackBerry, John Chen, remarked that they had achieved higher than expected revenue for all businesses this quarter. Their IoT business unit worked well regardless of pressures from the global chip shortage. Also, the Cyber Security business delivered strong billings and revenue growth. They have appointed Mr. John Giamatteo as their President of Cyber Security. The strong outcomes from the design activity of their QNX products demonstrate their industry leadership position and secular trends. In Cyber Security, they have received third-party approval of the effectiveness of their AI-driven; he concluded.  

    Second Quarter Fiscal 2022 Financial Summary 

    BB stock reported total revenue of $175 million for the second fiscal quarter ended 31st August 2021. IoT revenue was $40 million with a gross margin of 83% for the second quarter of fiscal 2022. For the second quarter of fiscal 2022, the company reported Cyber Security revenue of $120 million with a gross margin of 59%. The total GAAP gross margin was 64% for the second quarter ended on 31st August 2021.  

    BB stock reported an operating loss of $141 million for the second quarter of fiscal 2022. GAAP loss per basic and diluted share was $0.25 for the second quarter ended 31st August 2021. The reported cash, cash equivalents, short-term and long-term investments were $772 million for the second quarter of fiscal 2022. Net cash of $12 million generated from operating activities for the second quarter of fiscal 2022. 

    Appointment of John Giamatteo 

    BB stock announced the appointment of Mr. John Giamatteo as the President of its Cyber Security business unit. The allocation will become effective from 4th October 2021. Giamatteo will report to Executive Chairman and CEO John Chen. He will be responsible for business unit strategy, go-to-market, and engineering. Giamatteo has about 30 years of work experience with technology companies. Before this role, he served as President and Chief Revenue Officer of McAfee, where he handled sales, marketing, and customer services. Giamatteo remarked he is excited to be appointed in BlackBerry and leading its Cyber Security business. 

  • InnovAge Holding Corp. (INNV) Stock Plunged 22.70% Today, Here’s Why 

    InnovAge Holding Corp. (INNV) stock plummeted 22.70% in the current-hours trading session at the price of $9.00 following the announcement of its fourth-quarter and fiscal 2021 financial results. INNV is a leading platform focused on enabling elders to age independently in their own houses. Their patient-centered care model provides high-quality care to customers while minimizing expensive care settings. 

    INNV Fiscal Year and Fourth Quarter 2021 Earnings Report 

    On 21st September 2021, INNV published financial results for its fourth quarter and fiscal year ended 30th June 2021. CEO of InnovAge, Maureen Hewitt, remarked that they had witnessed substantial growth in their fourth-quarter 2021 financial results. They have ended the year with 6,850 participants, which represents a year-over-year increase of 7.4%. They have generated $637.8 million of total revenues, a 12.5% gain compared to fiscal 2020. They have opened two new centers during the pandemic and are on track to open de novo centers in fiscal 2023. They have also expanded their leadership team with new appointments of Nicole D’Amato as Chief Legal Officer, Eimile Tansey as Chief People Officer, and Olivia Patton as Chief Compliance Officer. 

    Fiscal Year 2021 Financial Results 

    INNV reported total revenue of $637.8 million in the fiscal year ended 30th June 2021. It represents an increase of 12.4% from $567.2 million in the fiscal year 2020. Net loss was $44.7 million in fiscal 2021, a drop from net income of $25.8 million compared to fiscal 2020. Net loss attributable to the company was $44.0 million or $0.36 per share. The company reported an adjusted EBITDA of $85.3 million in full-year 2021. It represents 29.5% year-over-year growth compared to $65.9 million in the fiscal year 2020. The fiscal year 2021 ended with $201.5 million in cash and cash equivalents and $84.6 million in debt on the balance sheet. 

    Fourth Quarter 2021 Financial Highlights 

    INNV reported total revenue of $171.6 million for the fourth quarter ended 30th June 2021. It represents an increase of 12.5% from $152.5 million in the same quarter of 2020. Net income was $6.3 million in the fourth quarter ended 30th June 2021. For the fourth quarter of 2020, the reported net income was $12.0 million. Net income attributable to INNV was $6.5 million or $0.05 per share in the fourth quarter of 2021, compared to $12.1 million or $0.09 per share in the fourth quarter of last year. Adjusted EBITDA was $19.3 million in the fourth quarter ended 30th June 2021, compared to $22.9 million in the same quarter of the previous year. 

  • Onconova Therapeutics, Inc. (ONTX) Stock Surged 15.51% Today, Here’s Why

    Onconova Therapeutics, Inc. (ONTX) stock soared 15.51% in the current-market trading session at the price of $5.66 after announcing encouraging data from investigator-initiated Phase 1/2a trial of rigosertib and nivolumab. ONTX is a clinical-stage biopharmaceutical company. It discovers, produces, and commercializes novel products for patients dealing with cancer.

    Encouraging Clinical Data from Phase 1/2a trial of Rigosertib-Nivolumab

    On 22nd September 2021, ONTX published encouraging data from the Phase 1/2a trial of rigosertib and nivolumab. Nivolumab is the immune checkpoint inhibitor in advanced KRAS mutated non-small cell lung cancer (NSCLC). The data has presented at the 3rd Annual RAS Targeted Drug Development Summit 2021. The featured data supports the potential anti-cancer activity of rigosertib-nivolumab therapy in this indication. All the enrolled patients in this trial have failed immune checkpoint inhibitors in multiple combinations. About three-quarters of them have failed at least two lines of previous therapy.

    CEO of ONTX, Steven M. Fruchtman, remarked that the presented data confirms the potential applicability of rigosertib’s mechanism against various KRAS mutations. Radiographic responses across multiple KRAS variants differentiate rigosertib from other RAS modulators that target specific KRAS mutations. These particular responses have observed at primary and metastatic tumor sites such as the pleura and bone. The company is working to advance rigosertib’s clinical development in high-need KRAS mutated indications by leveraging their investigator-initiated study program, he concluded.

    ONTX Published Second Quarter 2021 Financial Results

    On 12th August 2021, ONTX published financial results for the three months that ended on 30th June 2021 and provided corporate updates. As of 30th June 2021, the company reported cash and cash equivalents of $43.7 million. Cash and cash equivalents were $19.0 million as of 31st December 2020. For the second quarter ended 30th June 2021, the net loss was $4.2 million or $0.27 per share. Net loss was $7.4 million, or $0.65 per share for the second quarter of last year.

    ONTX reported general and administrative expenses of $2.9 million for the second quarter of 2021. G&A expenses were $2.6 million for the second quarter of the previous year. The research and development expenses were $1.9 million for the second quarter ended on 30th June 2021. R&D expenses were $4.8 million for the second quarter ended 30th June 2020. The decrease in the 2020 period resulted from higher clinical trial and consulting expenses from INSPIRE study.