STOCKS TELEGRAPH

Author: Iqra Jamal

  • Weibo Corporation (WB) Stock Plunged 8.84% Pre-market, Here’s Why

    Weibo Corporation (WB) Stock Plunged 8.84% Pre-market, Here’s Why

    Weibo Corporation (WB) is down 8.84% in the pre-market trading session at the price of $49.70 despite any recent news.

    WB Announced Second Quarter 2021 Financial Results

    On 18th August 2021, WB declared its unaudited financial results for the second quarter ended on 30th June 2021. WB is a leading social media in China. It enables people to create, share and discover content online.

    CEO of WB, Gaofei Wang, remarked that they had a strong quarter with broad-based strength of their business. Both of their community and revenues grew at an accelerated pace. Both of their MAUs and DAUs on the user front reached the highest record in June. It had leveraged their further enhanced competitiveness in social products, initiatives on the video front, and effective channel investment. The strong momentum of their ad business was underpinned by their relentless effort to optimize ad products and improve efficiency to drive value for customers, he concluded.

    Second Quarter 2021 Highlights

    WB reported total net revenues of $574.5 million for the second quarter of 2021. It represents an increase of 48% from $387.4 million for the same quarter the previous year. Income from operations was $193.2 million for the second quarter of 2021. It indicates a gain of 82% compared to $106.2 million for the same quarter of 2020. The operating margin was 34% for the second quarter of 2021. It was 27% in the second quarter of 2020.

    Net income attributable to WB was $81.0 million for the second quarter of 2021. Net income was $198.4 million for the same quarter the previous year. Diluted net income per share attributable to Weibo was $0.35 for the second quarter of 2021. The income per share was $0.86 for the same period of 2020. Non-operating loss for the second quarter of 2021 was $65.3 million, compared to a non-operating income of $132.5 million for the same quarter of 2020.

    WB Appointed Mr. Yan Wang

    WB declared that it had made changes in its board of directors. It has appointed Mr. Yan Wang as a member of the compensation committee of the Board. He has replaced Mr. P. Christopher Lu, who resigned from the compensation committee of the Board. The changes became effective immediately.

    Future Estimates

    WB estimates its net revenues to increase by 20% to 25% YoY on a constant currency basis for the third quarter of 2021. The following prediction reveals Weibo’s current and preliminary view, which is subject to change.

  • Bill.com Holdings, Inc. (BILL) Stock Surged 14.59% Pre-Market, Here’s Why 

    Bill.com Holdings, Inc. (BILL) Stock Surged 14.59% Pre-Market, Here’s Why 

    Bill.com Holdings, Inc. (BILL) is up 14.59% in the pre-market trading session at the price of $251.00 after the release of the fourth quarter and fiscal year 2021 financial results. 

    BILL Announced Fourth Quarter and Fiscal Year 2021 Financial Results 

     On 26th August 2021, BILL published financial results for the fourth quarter and fiscal year ended 30th June 2021. It is a leading provider of cloud-based software. This software simplifies, digitizes, and automates complex back-office financial operations for small and midsize enterprises.

    CEO of BILL, René Lacerte, remarked that they delivered record growth in fiscal 2021. They helped SMBs automate their financial operations and make billions of dollars in payments all across the country. Their strategic initiatives propelled strong adoption of their platform and set them up for future opportunities. They have progressed their e-payment offerings to make it easy for businesses to get paid faster. Moreover, they have extended their reach with new strategic partners and entered the spend management space with their acquisition of Divvy. They are building the one-stop-shop platform for SMBs to handle all their financial operations, he added.  

    Fourth Quarter 2021 Earnings Report

    BILL reported total revenue of $78.3 million for the fourth quarter of 2021. It represents an increase of 86% from the same quarter of fiscal 2020.Gross profit was $58.0 million for the fourth quarter of 2020. It represents a 74.1% gross margin, compared to $32.0 million, or a 76.0% gross margin, in the same quarter of 2020. The company reported a net loss of $41.9 million or $0.48 per share, basic and diluted. Net loss, basic and diluted, was $9.5 million or $0.13 per share in the fourth quarter of fiscal 2020. Operating loss was $70.7 million for the fourth quarter of 2021. The loss from operations was $10.3 million in the fourth quarter of fiscal 2020. 

    Fiscal Year 2021 Financial Results

    BILL reported total revenue of $238.3 million for the fiscal year 2021. It is an increase of 51% from the fiscal year 2020. GAAP gross profit was $176.5 million this fiscal year, a 74.1% gross margin. Gross profit was $118.5 million or a 75.2% gross margin in the fiscal year 2020. Net loss, basic and diluted, for fiscal 2021 was $98.7 million or $1.19 per share. A net loss of $31.1 million, or $0.70 per basic and diluted share, was reported in the previous fiscal year. Operating loss was $114.0 million, compared to an operating loss of $34.2 million in the prior fiscal year. 

  • NeuroMetrix, Inc. (NURO) Stock Surged 31.49% After-Hours, Here’s Why  

    NeuroMetrix, Inc. (NURO) Stock Surged 31.49% After-Hours, Here’s Why  

    NeuroMetrix, Inc. (NURO) is up 31.49% in the after-market trading session at the price of $13.11 despite any recent news. 

    Peer-Reviewed Publication of Wearable Neurostimulation Technology   

    On 26th July 2021, NURO published a publication in the Journal of Pain Research. The title was “Effects of Wearable Transcutaneous Electrical Nerve Stimulation on Fibromyalgia: A Randomized Controlled Trial.” The online version of a paper is available on the journal website. The article describes an intention-to-treat analysis of a double-blind, randomized, and sham-controlled trial. It compared 3-months of at-home therapies with a standard or low dose Quell device in 119 subjects with fibromyalgia.  

    NURO Published Second Quarter 2021 Financial Results 

    On 22nd July 2021, NURO announced financial and business highlights for the quarter ended 30th June 2021. NeuroMetrix is an innovation-driven company. The main focus of NURO is on the development and global commercialization of non-invasive medical devices. These devices diagnose and treat the pain related to neurological disorders. 

    NURO reported revenue of $2.2 million, a 63% gain from $1.4 million in the second quarter of 2020. The second quarter 2020 results were negatively affected due to a pandemic-related decline in customer orders. The gross margin on revenue was $1.7 million or 74.8% this quarter of 2021. It is an increase of 11.2% from the 63.6% gross margin rate in the same period of 2020. Net loss for the second quarter of 2021 was $0.5 million. A net loss of $0.8 million had reported in the same quarter last year. Operating expenses during Q2 of 2021 were $2.2 million. It represents an increase of 27% from $1.7 million in the same quarter of 2020. The second quarter of 2021 reported a net loss of $532 thousand or $0.13 per share. The net loss was $852 thousand or $0.28 per share in the second quarter of 2020. 

    CEO of NURO, Shai N. Gozani, remarked that they advanced to progress in the DPNCheck and Quell business lines. They believe that they are setting the groundwork for constant top-line growth. Sharing Quell fibromyalgia data with international pain medicine experts and receiving Breakthrough Device Designation from the FDA was very rewarding. They are looking forward to advancing this program towards a commercial launch in 2022, he added.  

    Received FDA Breakthrough Device Designation 

    On 20th July 2021, NURO published that its Quell® device had acquired Breakthrough Designation from the U.S. Food and Drug Administration to treat fibromyalgia in adults. Fibromyalgia is a common form of chronic pain. The main symptoms include fatigue, sleeplessness, cognitive and mood disorders. Fibromyalgia affects near 5 to 15 million people in the United States. It is mostly diagnosed between the ages of 30 and 50. The causes of fibromyalgia remain unclear. However, scientific researches point to abnormalities in the way the brain processes normal sensations and pain.

  • BTCM Stock Plunged 4.59% Pre-Market, Here’s Why

    BIT Mining Limited (BTCM) is down 4.59% in the pre-market trading session at the price of $8.11 despite any recent news.

    BTCM Financial Results for the Q2, 2021

    On 17th August 2021, BTCM released its unaudited financial results for the second quarter ended on 30th June 2021. Net revenues were RMB2,873.9 million (US$445.1 million) in the second quarter of 2021. It indicates a sharp gain of RMB2,854.3 million from RMB19.6 million for the first quarter of 2021.  Likewise, a sharp rise of RMB2,870.3 million from RMB3.6 million for the second quarter of 2020. Net loss attributable to BIT Mining was RMB97.9 million (US$15.2 million) in the second quarter of 2021. For the first quarter of 2021, net income attributable to BIT Mining of RMB13.2 million. Net loss was RMB86.3 million for the second quarter of 2020.

    BTCM reported an operating loss of RMB101.3 million (US$15.7 million) in the second quarter of 2021. It represents a gain of RMB84.8 million from RMB16.5 million for the first quarter of 2021.  Likewise, an increase of RMB49.0 million from RMB52.3 million for the second quarter of 2020. The improvement in operating loss is due to the impairment of cryptocurrencies and net loss on the disposal of cryptocurrencies. Basic and diluted loss per ADS was RMB1.64 (US$0.25) for the second quarter of 2021.

    BTCM Entered into Definitive Purchase Agreement

    On 28th July 2021, BTCM announced that it had entered into a definitive purchase agreement. The agreement aims to acquire 2,500 new bitcoin mining machines for a total consideration of almost $6.6 million.  The company expects the Acquired Machines to improve its theoretical maximum total hash rate capacity by roughly 165 Peta hashes per second. The Acquired Machine is expected to be delivered within one week. Following delivery, the company plans them to be shipped to Kazakhstan for deployment.

    Removal of VIE Structure and Disposal of Chinese Lottery Business

    On 23rd July 2021, BTCM published its decision to abolish its variable interest entity structure and to dispose of its Chinese lottery business for nil consideration. Under the VIE structure, BIT Mining’s consolidated subsidiaries were primarily engaged in the company’s Chinese lottery-related business. It has contributed RMB2.7 million (US$0.4 million), or 13.6%, of the company’s total revenue for the three months ended 31st March 2021. It has rendered a net loss of RMB9.8 million (US$1.5 million) during that period. The total assets held by the VIE subsidiaries represented RMB82.8 million (US$12.6 million), or 6.3%, of the company’s total assets. The net debt held by the VIE subsidiaries was RMB161.6 million (US$24.6 million).

  • LCI Stock Plunged 3.19% Pre-Market, Here’s Why

    Lannett Company, Inc. (LCI) is down 3.19% in the pre-market trading session at the price of $3.95 after the release of fiscal 2021 fourth quarter and full-year financial results.

    Fourth Quarter, Full-Year 2021 Financial Results

    On 25th August 2021, LCI reported financial results for the fourth quarter and full-year ended 30th June 2021. For the fiscal 2021 fourth quarter, net sales were $106.0 million. Net sales were $137.9 million for the fourth quarter of 2020. Gross profit was $22.7 million or 21% of net sales for the fourth quarter of 2021. For the same quarter of 2020, gross profit was $39.6 million or 29% of net sales. Net loss was $177.9 million or $4.50 per share in the fourth quarter of 2021. Net loss of $9.7 million or $0.25 per share, reported for the fourth quarter of fiscal 2020. Income tax expense was $129.2 million, primarily attributable to the impact of the valuation allowance recorded against the company’s deferred tax assets. The income tax benefit was $10.1 million for the previous year fourth quarter.

    LCI reported net sales of $478.8 million for the fiscal year 2021. For the year 2020, net sales were $545.7 million. Gross profit for the year 2021 was $75.6 million, or 16% of total net sales. Gross profit of $165.2 million or 30% of total net sales, reported for the fiscal 2020 full year. Net loss was $363.5 million or $9.23 per share for the fiscal year 2021. The net loss of $33.4 million or $0.86 per share, reported for fiscal 2020. The income tax expense was $60.6 million for 2021. It has resulted from the valuation allowance recorded against the company’s deferred tax assets. An income tax benefit of $15.3 million, reported for the year 2020.

    LCI Signed Exclusive Distribution Agreement

    On 29th July 2021, LCI published that it had entered into an exclusive U.S. commercialization agreement with Respirent Pharmaceuticals Co. Ltd. The agreement was signed for a therapeutically equivalent generic of Spiriva Handihaler. The 10-year term of the agreement begins upon distribution of the product. According to IQVIA, the U.S. sales of Spiriva Handihaler were $1.5 billion for the 12 months ending May 2021.

    CEO of LCI, Tim Crew, commented that they continue to add drug and device combination respiratory medications to their pipeline. These products require technical expertise, specialized manufacturing, and financial commitment. Therefore, such products provide durable sales opportunities with relatively fewer competitors. With generic Spiriva Handihaler, their strategic relationship with Respirent now includes three inhaler products. All of them have the potential to be a meaningful contributor to the company’s financial performance, he added.

  • KOPN Stock Surged 9.23% After-Hours, Here’s Why

    Kopin Corporation (KOPN) is up 9.23% in the after-hours trading session at the price of $5.92 despite any recent news.

    KOPN Reported Solid Results for Second Quarter 2021

    On 3rd August 2021, KOPN provided updates on its business initiatives and announced financial results for the second quarter ended 26th June 2021. Total revenues reported for the second quarter ended 26th June 2021 were $9.9 million. Total revenues were $8.8 million for the second quarter ended 27th June 2020, a 12% gain year over year. Net loss attributable to KOPN was $3.8 million or $0.04 per share for the second quarter of 2021. Net loss was $1.1 million or $0.01 per share for the same quarter of 2020.

    CEO of KOPN, John C.C. Fan, stated that they are satisfied with their second-quarter results. They have encountered a growing demand for their products across their chief business segments, including defense, enterprise, and consumer. In their defense business, two development programs have entered low-rate initial production (LRIP). They expect another program to enter LRIP in the fourth quarter of 2021, he added. Their F-35 Joint Strike Fighter program, which they announced during this quarter, remains strong. During the second quarter of 2021, they have reduced shipment of their products for FWS-I thermal weapon sight systems. They are working closely with them and expect the lower shipment rate to continue during the third fiscal quarter and increase in the fourth fiscal quarter of 2021. Despite this short-term slowdown, the program remains very strong. They expect a follow-on order in the third quarter of 2021, he further remarked.

    Multiyear Development Agreement with a Leading Japanese Company

    On 15th July 2021, KOPN published that it had signed a multi-year agreement with a leading Japanese electronics company. This company develops and produces advanced consumer products to manufacture super bright 2K x 2K full-color Light Emitting Diode (LED) micro displays on silicon. Under the terms of the agreement, KOPN will develop and supply its proprietary backplane silicon wafers, while its new partner will develop bonding and color conversion processes. Both companies expect to demonstrate 1″-diagonal full-color 2K x 2K LED microdisplays within 24 months. These LED microdisplays will have super high brightness, low power consumption, high contrast, and a wide viewing angle. These are ideal features for many applications, including augmented reality (AR) and mixed reality (MR).

    World’s First 35,000-nit HDR Green OLED Microdisplay

    On 22nd June 2021, KOPN published that it had produced the world’s first LED microdisplay with ultrahigh-brightness greater than 35,000 nits. It has a high-dynamic-range (HDR), green Organic Light Emitting Diode (OLED) microdisplay on silicon. It has specifically designed for high-performance Augmented Reality (AR) applications. This ultrabright HDR 1″-diagonal SXGA (1280 x 1024 resolution) OLED microdisplay is currently in development.

  • ZOM Stock Surged 11.58% After-Hours, Here’s Why

    Zomedica Corp. (ZOM) is up 11.58% in the after-hours trading session at the price of $0.65 despite any recent news.

    ZOM Released Second Quarter 2021 Financial Results

    On 11th August 2021, ZOM published consolidated financial results for the three and six months that ended on 30th June 2021. Zomedica announced a net loss of about $4.7 million or $.005 per share for the second quarter of 2021. A net loss for the three months ended on 30th June 2020 was $5.3 million or $0.02 per share. Net loss was approximately $8.7 million or $0.01 per share for the six months ended 30th June 2021. A net loss of $7.8 million or $0.05 per share was reported for the six months ended on 30th June 2020. Revenue for the three and six months ended 30th June 2021 was $15,693 and $29,817, respectively. It resulted from the sale of their TRUFORMA® products and associated warranties. They commenced commercialization of TRUFORMA® on 15th March 2021 and had limited sales activity in the first and second quarters of 2021.

    CEO of ZOM, Robert Cohen, remarked that their business development efforts are continuing. They have appraised many opportunities and intended to evaluate many others in the coming future. The intended goal of enhancing the value of Zomedica is by providing additional high-quality products to their direct sales organization and add value to the installed base of customers as well as new customers. With the continued growth in the animal health market, it is an opportune time to expand their product offerings in this industry, he added.

    Future Expectations

    Due to delays in the developments of fT4 and ACTH assays, ZOM’s market acceptance of TRUFORMA® has been badly affected. However, their market adoption of TRUFORMA® will be challenging until their fT4 and ACTH assays are available for commercial release. The company expects that the fT4 assay will be available for sales commercially in the fall of 2021. Likewise, the ACTH assay will be available for commercial sale by the end of 2021.

    Announcement of 2021 Annual Meeting Results

    On 30th July 2021, ZOM published the voting results of its 2021 Annual Virtual-Only Meeting of Shareholders held on 30th July 2021. At the meeting, shareholders had approved various business items. Grant Thornton LLP was appointed as the auditors of the company and authorization of the board of directors. ZOM is a veterinary health company. It manufactures products for dogs and cats by concentrating on the unmet needs of clinical veterinarians. Its product portfolio will include innovative diagnostics and medical devices to emphasize patient health and practice health.

  • ALRN Stock Surged 7.56% Pre-Market, Here’s Why

    Aileron Therapeutics, Inc. (ALRN) is up 7.56% in the pre-market trading session at the price of $1.28 despite any recent news.

    ALRN Reported Q2 Financial Results

    On 11th August 2021, ALRN announced business highlights and financial results for the second quarter ended 30th June 2021. Net loss for the quarter ended 30th June 2021 was $5.7 million. Net loss was $4.4 million for the same quarter of 2020. For the second quarter of 2021, the basic and diluted net loss per share was $0.06 compared to $0.14 for the second quarter of 2020. The change in basic and diluted net loss per share is largely due to increased shares outstanding in connection with sales of common stock during the first quarter of 2021. $59.5 million cash and cash equivalents are expected to fund operations into the second half of 2023.

    CEO of ALRN, Manuel Aivado, remarked that they continue to execute their clinical development strategy to advance selective chemoprotection for patients with p53-mutated cancer.  Moreover, they have continued initiation of their first randomized, double-blind, placebo-controlled clinical trial of ALRN-6924. This drug treats patients with p53-mutated non-small cell lung cancer, he added.

    Initiation of Placebo-Controlled Trial of ALRN-6924

    On 1st July 2021, ALRN reported that it had initiated a randomized, double-blind, placebo-controlled clinical trial of ALRN-6924. It is a chemoprotective agent for patients with non-small cell lung cancer (NSCLC).  Aileron has planned to enroll 60 patients with advanced p53-mutated NSCLC. Preferably those patients who are undergoing treatment with first-line carboplatin plus pemetrexed. ALRN-6924 protects healthy cells in patients with cancers that harbor p53 mutations to reduce chemotherapy-induced side effects.

    CEO of ALRN, Manuel Aivado, commented that they are pleased to initiate this trial. It was built on promising data they previously reported from the proof-of-concept trial of ALRN-6924. The drug is effective for patients with small-cell lung cancer (SCLC).

    Inclusion in the Russell Microcap Index

    On 24th June 2021, ALRN announced that it is set to join the Russell Microcap® Index. The inclusion became effective on 28th June 2021, after the conclusion of the 2021 Russell indexes annual reconstitution. Membership in the Russell Microcap® Index means automatic inclusion in the appropriate growth and value style indexes. Membership in FTSE Russell is determined primarily by objective, market-capitalization rankings, and style attributes. Russell indexes are largely used by investment managers and institutional investors for index funds and as a benchmark for active investment strategies. Almost $10.6 trillion in assets are benchmarked against Russell’s US indexes.

  • AEVA Stock Surged 7.49% Pre-Market, Here’s Why

    Aeva Technologies, Inc. (AEVA) stock is up 7.49% in the pre-market trading session at the price of $9.90 despite any recent news.

    AEVA Stock Announced Second Quarter 2021 Results

    On 12th August 2021, AEVA stock published its second-quarter 2021 earnings report. Revenue was $2.6 million in the second quarter of 2021. For the second quarter of 2020, revenue was $1.6 million. GAAP operating loss of $24.7 million was reported in the second quarter of 2021. GAAP operating loss was $5.0 million in the same quarter of 2020. Weighted average shares outstanding was 211.6 million in the second quarter of 2021.

    CEO of AEVA stock, Soroush Salehian, remarked that they continue to build on high momentum across multiple fronts. They are driving forward with automotive collaborations across programs and growing into new markets. Their notable milestone is a strategic collaboration with Nikon to expedite the adoption of its industry-first FMCW 4D LiDAR for high precision industrial automation and metrology applications. They have already achieved a number of their 2021 objectives in this quarter. They will keep on making progress to deliver their remaining goals for this year, he added.

    AEVA Stock Collaborated with Nikon to Bring 4D LiDAR

    On 10th August 2021, AEVA stock declared a strategic collaboration with Nikon Corporation. Nikon is a global manufacturer and supplier of metrology and inspection equipment for the industrial automation and metrology markets. Both companies will cooperate on Frequency Modulated Continuous Wave (FMCW) 4D LiDAR with unique micron-level measurement capability. It will soon launch into high precision industrial automation and metrology markets.

    CEO of Nikon, Tadashi Nakayama, remarked that they are pleased with the opportunity to use AEVA’s ground-breaking technology to bring it to market metrology solutions. It will provide their industrial customers with unmatched functionality, lower cost, more compact, and superior performance than current solutions.

    Inclusion in Russell 2000 Index

    On 9th June 2021, AEVA stock declared inclusion into the small-cap Russell 2000® Index and broad-market Russell 3000 Index. Also, it has joined the appropriate growth and value style indexes. The inclusion became effective on 28th June 2021, after the 2021 Russell indexes annual reconstitution. The Russell 3000 Index is a market-capitalization index composed of 3,000 US stocks. The Russell 1000 Index is a subset that comprises 1,000 largest companies. Meanwhile, the Russell 2000 Index is a subset that includes the 2,000 smallest companies. Membership in the Russell US indexes is based essentially on objectives, market-capitalization, and style attributes determined by FTSE Russell. Russell indexes are broadly used by investment managers and institutional investors for index funds and as the benchmark for active investment strategies. About $10.6 trillion in assets are benchmarked against Russell’s US indexes.

  • UUU Stock Surged 17.63% After-Hours, Here’s Why

    Universal Security Instruments, Inc. (UUU) is up 17.63% in the after-hours trading session at the price of $6.94 despite any recent news.

    UUU Reported First-Quarter 2021 Financial Results

    On 20th August 2021, UUU reported results for its first quarter ended on 30th June 2021. The company reported growth of approximately 58.7% to $4,667,998 in sales for the first quarter ended 30th June 2021. The sales revenue was $2,940,768 for the comparable period of the previous year. The Company reported a net income of $14,641 or $0.01 per basic and diluted share during this period. A net loss of $78,982 or $0.03 per basic and diluted share was reported for the same quarter last year.

    CEO of UUU, Harvey Grossblatt remarked that they are excited to return to profitability for its first quarter despite the continuous supply chain and transportation cost issues. They are working with their suppliers and customers to minimize these issues as much as possible, he added.

    Announcement of Fourth-Quarter and Year-End Results

    On 9th July 2021, UUU declared its financial results for the fourth quarter and its fiscal year ended 31st March 2021. For the fourth quarter ended 31st March 2021, sales declined 17.1% to $2,997,338 from $3,613,786 from the comparable period the previous year. The company revealed a net loss of $456,838 or $0.19 per basic and diluted share during this quarter. Net loss was $3,492,290 or $1.51 per basic and diluted share for the same period of 2020.

    For the 12 months ended 31st March 2021, sales improved $2,717,127 (18.4%) to $17,520,151. The revenue from sales was $14,803,024 for the fiscal year ended 31st March 2020. UUU announced a net income of $268,343 or $0.12 per basic and diluted share during the year 2021. Net loss was $5,813,891 or $2.51 per basic and diluted share for the same period the previous year.

    CEO Harvey Grossblatt remarked that they are delighted to announce that UUU returned to profitability for the fiscal year ended 31st March 2021. Their fiscal fourth quarter was negatively affected by severe supply chain challenges which impacted their ability to receive inventory and ship orders. These challenges have improved somewhat during the fiscal first quarter of the fiscal year ending 31st March 2021. The company has been able to start shipping backorders to their customers, he added. Their previous year-end results included a charge of $2,472,620 from the previously reported sale of their 50% interest in the Hong Kong Joint Venture, he further commented.