STOCKS TELEGRAPH

Author: Iqra Jamal

  • Reliance Global Group, Inc. (RELI) Stock Plunged 10.43% After-Market, Here’s Why      

    Reliance Global Group, Inc. (RELI) Stock Plunged 10.43% After-Market, Here’s Why      

    Reliance Global Group, Inc. (RELI) stock plunged 10.43% in the after-market trading session at the price of $1.89 after it announced the promotion of Jonathan Fortman to Vice President of Acquisitions. 

    Reliance Global Group consists of advanced technologies with the personalized experience of a conventional insurance agency model. RELI’s growth strategy includes procuring undervalued, well-managed, and cash flow positive insurance agencies.  

    Jonathan Fortman Promoted to Vice President  

    On 22nd November 2021, RELI published that it had promoted Jonathan Fortman to Vice President of Acquisitions for Reliance Global Group. He will report directly to Chairman and CEO, Mr. Ezra Beyman. He was earlier serving as Chief Operating Officer at its subsidiary, Fortman Insurance Services. Mr. Jonathan joined Reliance Global Group in 2019 when the company procured Fortman Insurance Services. He joined Fortman Insurance Services in 2003 and had eventually appointed as COO in 2019. Mr. Fortman received his bachelor’s degree in Economics from Bowling Green State University. 

    Management Comments  

    Chairman and Chief Executive Officer of RELI, Ezra Beyman, remarked that they were happy to publish the promotion of Jonathan to Vice President of Acquisitions. Mr. Jonathan brought extensive industry associations and a deep understanding of the sector. Jonathan has been efficient in assessing various acquisition targets, and they look forward to fully leveraging the width of his experience. The company is now expediting its focus on procuring accretive insurance agencies. It is actively assessing targets that could have a meaningful impact on its business. Such acquisitions would advance the company’s strategy of becoming the best ‘clicks and bricks’ insurance firm, Mr. Ezra added.  

    RELI Announced Launch of 5MinuteInsure.com 

    On 18th November 2021, RELI published the successful launch of 5MinuteInsure.com in South Carolina. 5MinuteInsure.com is formulated by Reliance Global which offers a simple and effective way to purchase insurance. The program presents competitive insurance quotes within 2 minutes with the capacity to bind coverage in 5 minutes. Customers can compare live quotes for auto insurance among multiple carriers and purchase coverage on the same platform.

    Ezra Beyman remarked that following this launch, they are now available in 8 different states. They encourage clients to visit 5MinuteInsure.com, a fast and easy way to save money on insurance. 

  • Aurinia Pharmaceuticals Inc. (AUPH) Stock Plunged 17.46% After-Market, Here’s Why         

    Aurinia Pharmaceuticals Inc. (AUPH) Stock Plunged 17.46% After-Market, Here’s Why         

    Aurinia Pharmaceuticals Inc. (AUPH) stock plunged 17.46% in the after-market trading session at the price of $23.50 despite no fundamental reason. The last published news was its financial results for the third quarter and nine months ended 30th September 2021.

    AUPH is a fully integrated biopharmaceutical firm that provides therapies to treat targeted patients dealing with serious diseases.  

    AUPH Third Quarter & Nine Months 2021 Financial Results

    On 3rd November 2021, AUPH reported its financial results for the third quarter and nine months ended 30th September 2021. The company has also presented its corporate updates. 

    Third Quarter Earnings Report 

    For the third quarter ended 30th September 2021, AUPH calculated $14.7 million in revenue. Total revenue was $29 thousand for the quarters ended 30th September 2020. For the third quarter of 2021, net loss totaled $50.3 million, or per common share of $0.39. Net loss was $42.1 million, or per common share of $0.34, for the third quarter of 2020.   

    For the third quarter ended 30th September 2021, research and development costs were $20.1 million. R&D expenses totaled $12.2 million for the third quarter ended 30th September 2020. Selling, general, and administrative expenses totaled $44.1 million for the third quarter of 2021. For the quarter 30th September 2020, AUPH reported SG&A expenses of $30.7 million.  

    Nine Months Financial Highlights 

    For the nine months ended 30th September 2021, AUPH reported revenue of $22.2 million. Total revenue was $88 thousand for the nine months ended 30th September 2020. For the nine months ended 30th September 2021, net loss totaled $147.6 million, or per common share of $1.15. Net loss was $94.6 million, or per common share of $0.82, for the same nine months of 2020.  

    Net cash from operating activities totaled $131.8 million for the nine months ended on 30th September 2021 compared to $73.1 million for the same nine months of 2020. As of 30th September 2021, AUPH had $286.4 million in cash, cash equivalents, and investments. The cash, cash equivalents, and investments totaled $422.7 million on 31st December 2020. For the nine months ended 30th September 2021, research and development expenses were approximately $40.0 million. 

  • Eton Pharmaceuticals, Inc. (ETON) Stock Plunged 5.48% After-Market, Here’s Why      

    Eton Pharmaceuticals, Inc. (ETON) Stock Plunged 5.48% After-Market, Here’s Why      

    Eton Pharmaceuticals, Inc. (ETON) stock plunged 5.48% in the after-market trading session at the price of $4.31 despite no fundamental reason. The last published news was its financial results for the third quarter ended 30th September 2021. ETON is an innovative pharmaceutical corporation that develops and commercializes therapies to treat rare conditions.   

    ETON Third Quarter 2021 Financial Results 

    On 15th November 2021, ETON announced its financial results for the three months ending 30th September 2021 and presented business updates. 

    Management Comments  

    Chief executive officer of ETON, Sean Brynjelsen, remarked that they had made considerable progress towards their business portfolios. They have acquired two more FDA-approved products, carglumic acid, and EPRONTIA. They are developing the commercial footprint of their ALKINDI SPRINKLE through a co-promotion agreement with Tolmar Pharmaceuticals. These events have placed them in an even stronger position to reach sustained profitability and deliver higher revenue by 2022.  

    ETON Financial Highlights 

    For the third quarter of 2021, ETON reported $0.8 million in revenue. There was no material revenue in the third quarter of 2020. The net loss was $6.1 million for the third quarter ended on 30th September 2021. For the same period of 2020, net loss totaled $6.5 million.

    For the third quarter of 2021, the company calculated diluted earnings per share of ($0.24). Diluted earnings per share were ($0.31) for the third quarter ended 30th September 2020. As of 30th September 2021, cash and cash equivalents totaled $22.7 million. 

    General and administrative expenses totaled $3.3 million for the three months ended on 30th September 2021. ETON reported G&A expenses of $3.4 million for the same three months of 2020. The lower costs resulted from raised spending from the launch of ALKINDI SPRINKLE in the prior-year quarter. The third quarter of 2021 included non-cash charges of $0.9 million.

    For the third quarter of 2021, research and development expenses totaled $2.7 million. ETON reported R&D expenses of $2.8 million in the third quarter ended 30th September 2020. The higher R&D charges were related to the development of Rezipres and Biorphen. R&D costs during the third quarter of 2020 consist of $1.5 million in one-time NDA filing fee. 

  • Caribou Biosciences, Inc. (CRBU) Stock Surged 8.08% After-Market, Here’s Why         

    Caribou Biosciences, Inc. (CRBU) stock surged 8.08% in the after-market trading session at the price of $23.00 despite no fundamental reason. CRBU is a clinical-stage CRISPR biopharmaceutical firm. It develops genome-edited cell therapeutics using its proprietary chRDNA technology to treat patients with devastating diseases.  

    CRBU to Present at Investor Conferences 

    On 17th November 2021, CRBU published that Rachel Haurwitz, chief executive officer and president, will join two upcoming investor conferences. Webcasts of both events can be accessible via the Events page on the company’s website.  

    Piper Sandler 33rd Annual Virtual Healthcare Conference will take place from 30th November 2021 to 2nd December 2021. The fireside chat will be available on Wednesday, 24th November 2021. Evercore ISI 4th Annual HealthCONx Conference will also take place from 30th November 2021 to 2nd December 2021. The fireside chat of this conference will be available on Thursday, 2nd December 2021.  

    CRBU Third Quarter 2021 Financial Results 

    On 9th November 2021, CRBU published its financial results for the third quarter of 2021 and presented business highlights. 

    Financial Highlights 

    CRBU reported cash and cash equivalents of $435.3 million for the three months ended on 30th September 2021. It includes net proceeds of $321.0 million from the company’s IPO completed in August 2021. The company reported a net loss of $21.0 million for the three months ended on 30th September 2021. Net loss totaled $7.9 million for the quarter ended on 30th September 2020.   

    For the third quarter of 2021, the company generated $4.0 million in revenue from its licensing and collaboration agreements. Revenue from licensing and collaboration agreements totaled $1.2 million for the three months ended on 30th September 2020. For the quarter ended 30th September 2021, CRBU recorded $2.4 million in its non-cash expenses.  

    For the third quarter of 2021, research and development costs totaled $15.8 million. Research and development expenses were $6.2 million in the third quarter ended on 30th September 2020. For the third quarter of 2021, CRBU calculated general and administrative expenses of $6.8 million. General and administrative costs were $3.2 million for the third quarter ended 30th September 2020.

  • Beyond Air, Inc. (XAIR) Stock Surged 8.49% After-Market, Here’s Why       

    Beyond Air, Inc. (XAIR) stock surged 8.49% in the after-market trading session at the price of $14.70 despite no fundamental reason. Beyond Air, Inc. is a clinical-stage biopharmaceutical firm that develops a novel NO Generator and Delivery System. LungFit uses NO from ambient air to deliver NO to the patient’s lungs to treat pulmonary diseases. 

    XAIR Announced $30 Million of Committed Capital in Private Placement 

    On 18th November 2021, XAIR published that it had secured $30 million in commitments in a private placement for its private subsidiary, Beyond Cancer. The investors will receive a 20% equity ownership from the private placement of common shares. The company will use funds to complete Phase-I human study, optimize the delivery system, develop its preclinical programs, and appoint new team members. The common shares in the private placement have been offered only to certified investors under the Securities Act of 1933. The transaction will close later this quarter. 

    XAIR First Fiscal Quarter 2022 Financial Results  

    On 11th November 2021, XAIR published its financial results for the first fiscal quarter ended 30th September 2021 and provided corporate updates. 

    Financial Highlights  

    XAIR reported revenue of $0 for the fiscal quarter ended 30th September 2021. Revenue was $350,000 for the fiscal quarter ended 30th September 2020. Net loss was $8.7 million, or per share of ($0.36), for the fiscal quarter ended 30th September 2021. For the fiscal quarter ended 30th September 2020, the company reported a net loss of $5.1 million, or per share of ($0.30). As of 30th September 2021, cash, cash equivalents, and restricted cash totaled $48.7 million. 

    For the fiscal quarter ended 30th September 2021, XAIR reported $2.8 million in research and development expenses. Research and development expenses were $3.1 million for the fiscal quarter ended 30th September 2020. General and administrative expenses totaled $3.4 million for the fiscal quarter ended 30th September 2021. For the fiscal quarter ended 30th September 2020, general and administrative costs were $2.2 million. Other income and expenses were a loss of $2.5 million for the fiscal quarter ended 30th September 2021.  

  • Palo Alto Networks, Inc. (PANW) Stock Surged 6.54% After-Market, Here’s Why      

    Palo Alto Networks, Inc. (PANW) stock surged 6.54% in the after-market trading session at the price of $532.00 after it published financial results for the first quarter of fiscal 2022. 

    Palo Alto Networks is a global leader in cybersecurity that aims to provide digital protection. It shapes the cloud-centric future with technology that transforms the way individuals and companies operate. 

    PANW First Quarter Fiscal 2022 Earnings Report 

    On 18th November 2021, PANW published its financial results for the first quarter of fiscal 2022 that ended 31st October 2021 and provided a future outlook.  

    Financial Summary 

    For the first quarter of fiscal 2022, total revenue increased 32% to $1.2 billion. PANW reported revenue of $946.0 million for the first fiscal quarter of 2021. For the first fiscal quarter ended 31st October 2021, net loss was $103.6 million, or per diluted share of $1.06. GAAP net loss totaled $92.2 million, or per diluted share of $0.97, for the first fiscal quarter of 2021. 

    PANW Financial Outlook 

    For the second quarter of fiscal 2022, PANW anticipates total billings to range from $1.51 billion to $1.53 billion. It represents a growth of 24% to 26% compared to the second quarter of fiscal 2021. Total revenue has expected to range from $1.265 billion to $1.285 billion for the second quarter of fiscal 2022. It indicates a rise of 24% to 26% from the second quarter of fiscal 2021.  

    For the fiscal year 2022, PANW expects total billings of $6.675 billion to $6.725 billion. It represents a growth of 22% to 23% from fiscal 2021. Total revenue is estimated to range from $5.35 billion to $5.40 billion. It represents an increase of 26% to 27% from fiscal 2021. The company anticipates an adjusted free cash flow margin of 32% to 33% for the fiscal year 2022. 

    Management Comments  

    Chief executive officer of PANW, Nikesh Arora, remarked that their fiscal quarter depicts a great start to fiscal 2022. High growth during the quarter resulted from their Next-Generation Security businesses. It has given them the confidence to raise their revenue and billings guidance for fiscal 2020. The company continues to observe solid customer demand, he added.

  • Grocery Outlet Holding Corp. (GO) Stock Plunged 18.52% After-Market, Here’s Why         

    Grocery Outlet Holding Corp. (GO) stock plummeted 18.52% in the after-market trading session at the price of $27.64 after it announced participation at Morgan Stanley’s Virtual Global Consumer & Retail Conference. The Grocery Outlet, a California-based firm, is a leading retailer that sells name-brand consumables and fresh products through a network of individually operated markets.  

    Morgan Stanley’s Virtual Global Consumer & Retail Conference 

    On 18th November 2021, GO stock published that it will participate in an online fireside chat at Morgan Stanley’s Virtual Global Consumer & Retail Conference. The conference will be on 2nd December 2021, Thursday, at 2:25 PM Eastern Time. Eric Lindberg, Chief Executive Officer, and other management officials will be the attendees. The presentation will be available on the website for 30 days following the presentation. 

    GO Stock: Q3 Fiscal 2021 Financial Results 

    On 9th November 2021, GO stock published its financial results for the third fiscal quarter ended 2nd October 2021 and presented business updates.  

    GO Stock: Third Quarter Results 

    For the third quarter of fiscal 2021, GO stock reported net sales of $768.9 million, a 0.6% gain from the same three months of fiscal 2020. Comparable store sales in the third quarter of fiscal 2021 declined by 4.3% from the third quarter of fiscal 2020. Net income totaled $17.1 million, or per diluted share of $0.17, for the third quarter ended 2nd October 2021. It represents a drop of 57.7% compared to the three months ended 2nd October 2020. For the third quarter of fiscal 2021, adjusted EBITDA was $51.4 million. It represents a 6.2% decline from the third quarter of fiscal 2020. 

    GO  stock reported an adjusted net income of $23.4 million, or per diluted share of $0.24, for the third quarter of fiscal 2021. It represents a drop of 15.3% compared to the third quarter of fiscal 2020. On 2nd October 2021, cash and cash equivalents totaled $156.0 million. The company calculated $450.9 million in debt at the end of the third quarter of fiscal 2021. Net cash from operating activities totaled $56.6 million during the third quarter of fiscal 2021.

  • AquaBounty Technologies, Inc. (AQB) Stock Plunged 21.15% After-Market, Here’s Why           

    AquaBounty Technologies, Inc. (AQB) stock plummeted 21.15% in the after-market trading session at the price of $2.46 after announcing the pricing of the previously reported public offering of its common stock shares.  

    AQB is a leader in aquaculture with decades of expertise in technology. It presents game-changing solutions to solve global problems while improving productivity, profitability, and sustainability. 

    AQB Proposed Public Offering of Common Stock 

    On 18th November 2021, AQB announced the underwritten public offering of 11,200,000 shares of its common stock by selling stockholders. The offered shares of common stock have a public price of $2.10. The selling stockholders had also granted the underwriters a 30-day option to purchase an additional 1,680,000 shares of common stock.

    The company itself is not selling any shares of common stock in the offering. It will not receive any proceeds from the sale of the shares offered by the selling stockholders. The selling stockholders will bear all the expenses related to the sale of shares. The offering will close on 23rd November 2021 and is subject to customary closing conditions. 

    AQB Nine Months 2021 Financial Results  

    On 4th November 2021, AQB presented its financial results for the three and nine months ended 30th September 2021 and provided corporate updates. Chief Executive Officer of AQB, Sylvia Wulf, remarked that they are well-positioned to scale growth and provide a secure, reliable and sustainable source of farm-raised salmon. They look forward to publishing future updates and creating long-term value for their shareholders. 

    Financial Highlights  

    AQB reported revenue of $757,000 for the first nine months ended 30th September 2021. Revenue was $77,000 for the same period of the previous year. Operating expenses were $16.8 million for the first nine months of 2021. For the nine months ended on 30th September 2020, operating expenses totaled $10.3 million.

    The company reported a net loss of $16.3 million for the first nine months ended on 30th September 2021. For the same nine months of the prior year, the net loss was $10.3 million. As of 30th September 2021, cash, cash equivalents, and marketable securities totaled $197.8 million. AQB reported cash, cash equivalents, and marketable securities of $95.8 million as of 31st December 2020. 

  • Apyx Medical Corporation (APYX) Stock Surged 17.84% After-Market, Here’s Why         

    Apyx Medical Corporation (APYX) stock soared 17.84% in the after-market trading session at the price of $19.55 despite no fundamental reason. The last published news was its financial results for the three months ended on 30th September 2021. 

    APYX is an advanced energy technology corporation that designs innovative cosmetic and surgical products to raise life standards. The company aims to bring transformative solutions for both patients and physicians using its Helium Plasma Technology.  

    APYX Third Quarter 2021 Financial Results  

    On 11th November 2021, APYX announced its earnings report for the third quarter ended on 30th September 2021 and presented corporate updates. The company has also renewed its financial outlook for the year ending 31st December 2021. 

    Financial Summary  

    For the three months ended 30th September 2021, APYX reported total revenue of $11.8 million. It represents a gain of 70%, or $4.9 million, from $7.0 million in the third quarter of 2020. For the third quarter of 2021, Advanced Energy revenue was $10.3 million, 88% year-over-year growth. Gross profit totaled $8.1 million for the three months ended on 30th September 2021. It indicates a surge of 70%, or $3.3 million, from $4.7 million in the third quarter of 2020.  

    APYX reported a gross margin of 68.1% for the third quarter of 2021. The gross margin was 67.9% for the three months ended on 30th September 2020. For the third quarter of 2021, operating expenses were $12.0 million. It represents a gain of $2.9 million, or 32%, from $9.1 million in the same quarter of last year. Net loss attributable to stockholders totaled $4.2 million for the third quarter of 2021. For the third quarter of 2020, net loss attributable to stockholders was $3.7 million.  

    The company reported an adjusted EBITDA (loss) of $2.7 million for the third quarter of 2021. For the third quarter of 2020, adjusted EBITDA (loss) totaled $3.1 million. On 30th September 2021, APYX had cash and cash equivalents of $30.9 million. Cash and cash equivalents were $41.9 million as of 31st December 2020. On 30th September 2021, the company reported a working capital of $48.2 million.

  • BM Technologies, Inc. (BMTX) Stock Surged 16.65% After-Hours, Here’s Why    

    BM Technologies, Inc. (BMTX) stock soared 16.65% in the after-hours trading session at the price of $15.06 after reporting its financial results for the three and nine months ended 30th September 2021.   

    BM Technologies, Inc. is one of the largest digital banking platforms in the United States. It provides access to savings and checking accounts, credit cards, personal loans, and financial wellness.  

    BMTX Third Quarter 2021 Financial Results 

    On 15th November 2021, BMTX published financial results for the three and nine months ended on 30th September 2021. The company has also presented its corporate updates and future outlook.  

    Financial Highlights  

    BMTX reported revenues of $22.0 million for the third quarter of 2021. It represents a gain of 20% from $18.3 million in the third quarter of 2020. For the third quarter ended 30th September 2021, core earnings were $2.8 million, or per diluted share of $0.23. The company reported core earnings of $0.5 million, or per diluted share of $0.09, for the third quarter of 2020. For the third quarter of 2021, net income improved to $8.8 million. Net income was $250,000 in the third quarter of 2020.  

    Core EBITDA grew 91% to $7.0 million in the third quarter ended on 30th September 2021. For the same quarter of last year, core EBITDA was approximately $3.7 million. During the quarter, the core EBITDA margin raised to 32% by 200 basis points. BMTX calculated a cash balance of $20.4 million on 30th September 2021. It reported zero balance on its $10.0 million lines of credit as of 30th September 2021. 

    BMTX Business Highlights 

    For the third quarter of 2021, BMTX reported average serviced deposits of $1.7 billion. It represents a surge of 128% from the third quarter of 2020. Debit card spending totaled $773.0 million in the third quarter ended on 30th September 2021. It represents a gain of 4% compared to the third quarter of 2020. New business debit spending raised 44% from the third quarter of 2020. In the third quarter of 2021, unannualized revenue per 90-day active account grew 31% to $47 from the same period of 2020.