Category: Mid Day Movers

Shares of the Genfit SA (GNFT) stock soared in the current market today on December 17, 2021. The stock became bullish after a couple of announcements by the company. GNFT stock price saw a surge of 39.92% to reach $4.61 a share at the time of this writing. The trading volume was 9,622,731, far higher than the average trading volume. Let’s understand the reason behind this rise.

License Agreement between GNFT and Ipsen:

The first news of the GNFT stock in today’s date is the announcement of a long-term strategic partnership between Genfit and Ipsen.  The partnership represents the global collaboration between the companies. According to the agreement, Ipsen got an exclusive worldwide license for the development, manufacturing, and commercialization of investigational treatment of Genfit, elafibranor. This treatment is for those people who are suffering from Primary Biliary Cholangitis (PBC). Ipsen would also get benefit from the future clinical programs of Genfit along with scientific capabilities proprietary technologies in liver disease. Ipsen will become one of the largest shareholders of the GNFT stock through €28m investment in it.

Second News of GNFT stock:

Genfit SA acquired the exclusive rights from Genoscience Pharma for the development and commercialization of GNS561, a novel clinical-stage autophagy/PPT1 inhibitor. GNS561 is intended to treat cholangiocarcinoma, which is a special type of cancer that occurs in the slender tubes. Genfit will develop and commercialize this treatment in the United States, Canada, and Europe. This announcement came after the company announced its long-term strategic partnership with Ipsen. Genfit is now eligible for clinical and regulatory milestone payments and tiered royalties.

Financial View of GNFT stock:

In the first nine months of 2021, Genfit generated €20 thousand in revenue as compared to €350 thousand in the same period of the previous year. Non-recurring services have mainly contributed to the revenues. A portion of the revenues came from the collaboration agreements with Labcorp and Terns Pharmaceuticals.

The company had €91.5 million in cash and cash equivalents as of September 30, 2021. As of September 30, 2020, Genfit had €199.3 million in cash and cash equivalents. By the end of the first half of 2021, the company had €104.4 million in cash and cash equivalents.

Wrap Up:

The sentiment is positive for GNFT stock after a couple of announcements by the company. From the investment perspective, it is better to do deep research before making any decision.

Shares of the Bottomline Technologies, Inc. (EPAY) stock were popping high in the current market today on December 17, 2021. EPAY stock price saw a push of 15.49% to reach $56.49 a share as of this writing. The stock went low in the previous trade by 2.86% at closing. Let’s deep dive to explore more of it.

Bottomline Technologies is the leading financial technology company well known for making complex business payments simple, secure, and smart. EPAY stock has a current market cap of $2.21 billion and a 355,839 average trading volume.

What’s Happening?

EPAY stock happened to be green after the company announced that it has signed the definitive agreement with a leading investment company, Thoma Bravo. Pursuant to the agreement, Thoma Bravo will acquire the EPAY an all-cash transaction for a consideration of approximately $2.6 billion. The completion of the transaction will make Bottomline, a privately held company.

According to the agreement, shareholders of EPAY stock will get $57.00 per share in cash. This represents roughly a 42% premium to the October 19, 2021, closing price of EPAY stock. Thoma Bravo has a proven track record of investment in technology firms which will help Bottomline in future growth.

Financial View of EPAY stock:

Bottomline Technologies on November 10, 2021, released the first quarter fiscal 2022 financial results according to which

• The company generated revenue of $123.6 million in the reported quarter representing an increase of 10% from the prior-year same quarter. The subscription revenue increased by 15% to reach $103.5 million in the reported quarter. Subscription revenue was 84% of the overall revenue of the EPAY while this was 80% in the same quarter of last year.
• EPAY suffered a GAAP net loss of $4.9 million in the first quarter of fiscal 2022 which represents 4% of the total revenue. Per-share GAAP net loss of the EPAY stock was $0.11 in the recently reported quarter.

Recent Development of Bottomline technologies:

• In order to help financial institutions and businesses in reducing financial crimes, Bottomline introduced a real-time Watchlist Screening Tool. This tool helps in ensuring compliance with international regulatory bodies by providing alerts to the users.
• Mike Curran, Phil Hilal, and Larry Klane joined the Bottomline as the directors of board members of EPAY. Now the Bottomline board comprises 11 directors.
• Bottomline acquired Bora Payment Systems, a company working on automated payables technology.

Wrap Up:

The acquisition of Bottomline by Thoma Bravo has made the EPAY stock bullish in the stock market. In the last 12 months, this stock has gained 11.65%.

Shares of the Evofem Biosciences, Inc. (EVFM) stock rallied in the current market today on December 16, 2021. EVFM stock price saw an uptrend of 3.94% to reach $0.395 a share at the time of this writing. The trading volume on the last check was 2,580,404. Let’s take a closer look at this stock.

Evofem Biosciences, Inc is a biopharmaceutical company that is engaged in the development and commercialization of products for women’s sexual and productive health. The company’s lead product is Phexxi, a gel to prevent pregnancy.

What’s Happening?

EVFM signed the collaboration agreement with Orion Biotechnology Canada Ltd today after which the EVFM stock got the rising momentum. The purpose of the agreement between both parties is to evaluate the stability and compatibility of Orion’s novel CCR5 antagonist, OB-002, in Evofem’s Phexxi® vaginal gel. The main goal is to develop a Multipurpose Prevention Technology (MPT) product candidate in order to prevent various indications especially HIV in women.

According to a 2020 World Health Organization report, approximately 37.6 million people are living with HIV across the globe. The data indicate that 1.5 million people were recently diagnosed with this disease. These numbers are alarming and increasing at a great pace day by day. Unfortunately, there are limited number of ways for the prevention of this disease. So far, no approved product exists that could prevent pregnancy, STIs, and HIV simultaneously.

Previous News of EVFM stock:

On December 9, 2021, EVFM announced that expects high prescription and revenue growth in the fourth quarter of 2021. This is indeed good news for shareholders of the EVFM stock. According to the EVFM, the monthly subscriptions are likely to surpass 30,000 in the upcoming quarter of 2021. Since its launch, Phexxi has become the choice of more than 57,000 women. 24,000 women opt for Phexxi in the fourth quarter of 2021. The company expects more than a 50% increase in gross revenues in the fourth quarter of 2021. Hence with these stats, the shareholders of the EVFM stock should expect high gross-to-net of the company.

Conclusion:

EVFM stock has captivated the attention of investors after the recent announcement of collaboration between EVFM and Orion Biotechnology. There is a great demand for a product to prevent HIV along with pregnancy and STIs. The recent agreement reflects that company is on a mission to achieve this goal. Hence EVFM stock can be a good bet for long-term investors.

Shares of the FREYR Battery (FREY) stock were popping high in the current market today on December 16, 2021. FREY stock price saw a push of 14.68% to reach $12.97 a share at the time of this writing. In the previous trade, FREY stock went high by 3.86% and closed with an $11.31 per share price. Let’s take a closer look at this stock to understand the bullish sentiment.

What’s Happening?

Investors are responding positively to the FREY stock after the recent news of the FREYR Battery related to the execution of an inaugural offtake agreement with an undisclosed, leading global publicly listed manufacturer and provider of energy storage systems for a minimum of 31 GWh of low-carbon battery cells. The global energy storage system is growing at a fast pace with the evolving technology. In order to meet the industry standards, both companies will work together for the development of innovative technology solutions on the battery cells of FREYR.

According to the agreement, FREYR will deliver at least 31 GWh of battery cells from its Norwegian manufacturing facilities in the tenure between 2023 to 2028. The potential revenue from this agreement is expected to be $3 billion. The agreement is the major milestone of the company and will have a positive long-term effect on FREY stock.

Previous News of FREY stock:

On December 8, 2021, FREY partner, 24M Technologies signed the partnership agreement with Volkswagen Group. The agreement concerned the manufacturing of next-generation lithium-ion EV batteries using 24M’s SemiSolid™ platform. The main goal of both companies is to develop a production technology SemiSolid™ battery cells. These cells will be used in VWAG electric vehicles. Furthermore, 24M will cooperate with VWAG in establishing the wholly-owned subsidiary. The motive behind this is the development of SemiSolid™ battery cell production technology for automotive applications.

Financial View of FREY stock:

On November 15, 2021, FREY announced third quarter 2021 financial results according to which

Net loss of the FREY stock was $45.4 million or $0.42 per share in the third quarter of 2021. In the same quarter of last year, the net loss of the FREY was $2.5 million or $0.07 per share. The company ended the third quarter of 2021 with $623.5 million in cash and cash equivalents and restricted cash.

Wrap Up:

FREY Battery is progressing with respect to its operations which is a positive sign for the company. The management is striving hard to initiate the construction of initial Gigafactories as well as the industrial-scale commercialization of FREY’s clean battery cells.

Shares of the AcelRx Pharmaceuticals, Inc stock were rising in the current market session today on December 15, 2021. ACRX stock price saw an uptrend of 5.62% to reach $0.533 a share at the time of this writing. The trading volume on the last check was 1,855,405, far higher than the average trading volume. Let’s understand the reason behind this bull.

What’s Happening?

ACRX stock became bullish after it announced the publication of clinical data in the Journal of Orthopaedic Experience and Innovation. The data is related to the patients who are undergoing total hip or total knee replacement. The data reflected the reduction in the hospital length of stay and reduced opioid utilization with the use of sublingual sufentanil that helps in relieving acute pain compared to standard IV opioids.

The study team evaluated the comparison between patients who are exposed to single sufentanil sublingual tablet 30 mcg in the perioperative period and patients who received standard IV opioids. A total of 110 patients participated in the study. 53 patients got treatment with SST and 57 patients belonged to the historical comparator group. The average age of the patients in both groups was 65 years and 50% of them had the severe systemic disease. The utilization of morphine milligram was 30% less in the SST group throughout the stay. Hospital length of stay reduced 30% for the SST group.

New Appointment by ACRX:

On November 24, 2021, ACRX announced that it had appointed Jill Broadfoot to its board of directors. Ms. Broadfoot is an experienced professional in finance, operations, and business development. She is currently serving aTyr Pharma, Inc as the Chief Financial Officer.

Registered Direct Offering of ACRX stock:

AcelRx on November 15, 2021, did announce that it had signed an agreement with life sciences-focused investment funds. Under this agreement, 17,500,000 shares of ACRX stock were offered and warrants for an aggregate of 17,500,000 shares of common stock. The offering price was $0.80 per share for common ACRX stock and warrants together. The gross proceeds from the offering were $14.0 million, excluding the proceeds from warrants. The transaction closed on November 17, 2021.

Conclusion:

The recent news of ACRX stock has captivated the attention of the investors in the stock market. The per-share price performance is not so much satisfactory in 2021 as ACRX stock lost 59.60% year to date.

Shares of Uxin Limited (UXIN) rallied in the current market following the announcement of the unaudited second quarter of the fiscal year 2022 financial results. UXIN stock price saw a rise of 5.95% to reach $1.78 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 1.75% at closing. Let’s discuss the recent events of this stock in detail.

Second Quarter of Fiscal Year 2022 Financial Results:

• According to the financial results for the quarter ended September 30, 2021, UXIN stock generated RMB345.9 million in revenue. In the same quarter of last year, the revenue was RMB76.4 million.
• Other revenue of the Uxin stock is RMB8.3 million in the recently reported quarter as compared to RMB15.1 million in the same prior-year quarter.
• Cost of revenues in the second quarter of fiscal 2022 was RMB331.3 million. In the same quarter of last year, UXIN stock reported RMB93.5 million in cost of the revenue.
• The Gross margin in the reported quarter for the company was 4.2% as compared to negative 22.4% in the same prior-year period.
• UXIN spent RMB85.9 million in operating expenses in the second quarter of the fiscal year 2022. The general and administrative expenses were RMB34.9 million and research and development expenses were RMB8.2 million. The company spent RMB44.1 million in sales and marketing expenses.
• UXIN stock suffered a loss of RMB45.9 million from continuing operations in the three months ended September 30, 2021. This compares to an RMB162.6 million loss in the same tenure of the previous year.
• Non-GAAP adjusted loss from continuing operations of the company was RMB43.2 million in the recently reported quarter. This loss was RMB178.3 million in the same quarter of the previous year.
• UXIN stock suffered a net loss of RMB1,714.6 million in the second quarter of the fiscal year 2022 as compared to RMB258.9 million in the same tenure of the previous year.
• The company reported RMB56.9 million non-GAAP adjusted net loss in the recently reported quarter.

A comment on the performance of UXIN stock:

The company’s financial results reflect that the revenue has shown positive progress as compared to the previous year. The gross margin significantly improved in the recently reported quarter. Though China’s economic activity is still feeling the heat due to Covid-19 and in response to this condition, the company has signed the shares subscription agreements with NIO Capital and Joy Capital. According to this agreement, both investors will likely to invest US$315 million in the company. Moreover, UXIN has signed several operating payable waiver agreements with suppliers.

Wrap Up:

Investors are liking the unaudited financial results of the fiscal year 2022 of the UXIN stock. The company has projected RMB480 million to RMB500 million revenues for the three months ending December 31, 2021.

Shares of the Galera Therapeutics, Inc. (GRTX) stock skyrocketed in the current market today on December 14, 2021. GRTX stock price saw an uptrend of 133.69% to reach $3.22 a share as of this writing. The trading volume on the last check was 129,885,465 which is far higher than the average trading volume. Let’s deep dive to understand the reason behind this bull.

What’s Happening?

Galera Therapeutics today announced the corrected results from the Phase 3 ROMAN trial of its product avasopasem. This product is intended to treat RT-induced severe oral mucositis in patients with advanced head and neck cancer. The trial showed statistically significant results and met the primary endpoint of reduced incidence of SOM. The U.S. Food and Drug Administration has granted Breakthrough Therapy Designation to Avasopasem for the reduction of SOM caused by RT.

Galera Therapeutics previously reported that the Phase 3 ROMAN trial of avasopasem did not meet the primary endpoint. The company that analyzed that it was an error made by a contract research organization in the statistical program. The p-values for the primary as well as secondary endpoints improved after the correction.

Galera also announced the topline results from its single-arm Phase 2a EUSOM trial of avasopasem. In the trial, the study team is evaluating the patients with RT-induced SOM. Galera conducted the trial in 12 centers in the six countries of Europe. 38 patients participated in the trial out of which 33 patients got the full treatment. Avasopasem showed well tolerance during the treatment and the incidence of SOM was 54.5%.

Financial View of GRTX stock:

In the previous month on November 10, 2021, GRTX announced third quarter 2021 financial results according to which

• Research and development expenses of GRTX stock were $14.8 million in the three months ended September 30, 2021. In the same period of the previous year, these expenses were $12.1 million. Rucosopasem development costs and the cost associated with the SOM program increased the R&D expenses.
• GRTX stock recorded $5.5 million in general and administrative expenses in the recently reported quarter. These expenses were $3.9 million in the same tenure of the previous year.
• GRTX stock suffered a net loss of $(22.6) million in the third quarter of 2021 as compared to $(17.1) million in the same period of the previous year.
• Galera ended the quarter with $88.7 million in cash, cash equivalents, and short-term investments.

Wrap Up:

GRTX stock enjoyed a huge gain following the announcement of corrected results of the Phase 3 ROMAN trial of avasopasem. The company is now planning to discuss the avasopasem data with FDA in the upcoming year.