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Category: Mid Day Movers

  • Here’s to why Rafael Holdings Inc. (RFL) stock declines during current market?

    Here’s to why Rafael Holdings Inc. (RFL) stock declines during current market?

    Rafael Holdings Inc. (NASDAQ: (RFL) stock plunged by 80.20% in the current market trading session. Rafael Holdings is dedicated to the research and development of new cancer treatments. The company holds the Barer Institute, Inc. and is a major shareholder in Rafael Pharmaceuticals, Inc. and LipoMedix Pharmaceuticals Ltd., both clinical-stage oncology businesses.

    RFL stock’ Update

    The AVENGER 500 Phase 3 clinical study for CPI-613 (devimistat) failed to fulfil its primary outcome of substantial improvement in overall survival in patients with metastatic pancreatic cancer, according to Rafael Holdings. Devimistat (CPI-613), Rafael Pharmaceuticals’ lead drug, is intended to target the tumour mitochondrial tricarboxylic acid (TCA) cycle specifically. It’s a crucial step in tumour cell survival and growth.

    528 individuals with metastatic pancreatic adenocarcinoma who had received no treatment before this were randomly allocated devimistat in conjunction with enhanced FOLFIRINOX (mFFX) in the treatment arm or FOLFIRINOX (FFX) alone in the control arm in this multi-national Phase 3 randomised clinical trial. When Devimistat was combined with mFFX, life expectancy did not change appreciably (HR=0.95, p=0.66) when compared to FFX alone. The therapy arm’s median overall survival was 11.1 months, whereas the control arm’s was 11.7 months.

    Moreover,

    ARMADA 2000 is a multi-national Phase 3 randomised clinical study in individuals with relapsed or refractory acute myeloid leukaemia, is also testing Devimistat in patients with relapsed or refractory acute myeloid leukaemia (AML). The independent data management board has advised that the experiment be halted given the lack of performance, based on a pre-specified interim analysis.

    Ameet Mallik, CEO, Rafael Holdings, Inc. commented,

    The outcomes of these two Phase 3 clinical investigations with devimistat have failed them. To further assess the results, they intend to collaborate with Rafael Pharmaceuticals. They’d like to express their gratitude to the patients, families, and investigators who took part in the AVENGER 500 and ARMADA 2000 trials.

  • Here’s to why HCW Biologics Inc. (HCWB) stock is sky rocketing in current market

    Here’s to why HCW Biologics Inc. (HCWB) stock is sky rocketing in current market

    HCW Biologics Inc. (NASDAQ: (HCWB) stock surged high by 100.51% in the current market trading session. HCW Biologics is a revolutionary immunotherapy firm that concentrates on inflammaging, or persistent inflammation caused by unresolved inflammatory reactions. The firm is working on new immunotherapies to break the link among chronic, low-grade inflammation and age-related diseases, with the goal of extending people’s lives.

    HCWB stock’ Current Update

    The US Food and Therapeutic Administration (FDA) has given HCW Biologics permission to begin evaluating its primary drug candidate, HCW9218, in a first-in-human Phase 1b clinical study in people with severe pancreatic cancer. HCW9218 is a bifunctional, anti-tumor fusion protein complex that activates targeted immune responses to target cancer cells. Likewise, it inhibits immunosuppressive processes that are undesirable.

    A tumour forms when abnormal cells in the pancreas expand and divide out of control, resulting in pancreatic cancer. The majority of people with pancreatic cancer have been identified at stage IV. A physical examination would not recognize the existence of a pancreatic tumour because the pancreas is located deep within the abdomen.

    Hing C. Wong, Founder and CEO of HCW Biologics, commented,

    The FDA’s approval to continue with HCW9218’s first-in-human study in pancreatic cancer is a significant step forward for HCW Biologics. The activities to promote the pace of potentially game-changing immunotherapy options for cancer and other age-related disorders are also a significant step forward. Cancer treatment has been transformed by improvements in immunostimulatory and anti-immunosuppressive medicines. HCW9218 is a bifunctional heterodimeric molecule that can both boost the immune system and prevent changing growth factor-‘s immunosuppressive effect. In preclinical research.

    He added that HCW9218 improved the anti-tumor effectiveness of the chemotherapeutic drugs docetaxel and gemcitabine plus nab-paclitaxel in preclinical tests in melanoma and pancreatic cancer, accordingly. It also reduced the unforseen consequences of chemotherapies on healthy tissues. HCW9218 was also demonstrated to enhance the anti-tumor effects of therapeutic and checkpoint antibodies, which are already benchmark anti-cancer therapy for certain solid tumours in experimental models.

  • Yiren Digital Ltd. (YRD) Stock Surged 11.11% Today, Here’s Why   

    Yiren Digital Ltd. (YRD) stock soared 11.11% in the current-market trading session at the price of $4.20 despite no fundamental reason. The last reported news was its financial results for the second quarter ended 30th June 2021. YRD is a Chinese digital finance management program. It provides cash management solutions and asset allocation services to customers. 

    YRD Second Quarter 2021 Earnings Report 

    On 19th August 2021, YRD published its financial results for the second quarter ended 30th June 2021 and provided business updates. 

    Management Comments 

    Chief Executive Officer of YRD, Mr. Ning Tang, remarked that they are happy to present another quarter results with solid growth. They have witnessed substantial progress in profitability and an immensely diversified revenue mix. The company continues to grow its competitive edge and drive its market scale. It has also developed advanced strategies for different business groups. The management is concentrating on high-quality growth in the credit sector that will pave the way to launch diversified products. Starting from the second half of 2021, they keep expanding their SME segment to support general finance, he added.  

    Financial Highlights 

    YRD reported net revenue of RMB1,125.0 million (US$174.2 million) for the second quarter of 2021. Net revenues were RMB754.7 million in the same quarter of the previous year. Revenue from the wealth management business was RMB286.8 million (US$44.4 million). It represents a drop of 11.0% from RMB322.4 million in the same period of 2020. General and administrative expenses were RMB127.7 million (US$19.8 million) in the second quarter ended 30rh June 2021. G&A expenses were RMB172.6 million in the same quarter ended 30th June 2020. For the second quarter of 2021, sales and marketing expenses were RMB436.9 million (US$67.7 million).  

    YRD reported a net income of RMB200.1 million (US$31.0 million) in the second quarter of 2021. The net loss was RMB232.2 million in the same quarter of the previous year. Diluted income per ADS was RMB2.4 (US$0.4) in the second quarter ended 30th June 2021. Diluted loss per ADS was RMB2.5 in the same quarter ended 30th June 2020. Net cash utilized in operating activities was RMB213.0 million (US$33.0 million) in the second quarter of 2021. As of 30th June 2021, cash and cash equivalents were RMB2,192.5 million (US$339.6 million). Cash and cash equivalents were RMB2,362.3 million as of 31st March 2021.  

  • Fuel Tech, Inc. (FTEK) Stock Surged 17.94% Today, Here’s Why

    Fuel Tech, Inc. (FTEK) Stock Surged 17.94% Today, Here’s Why

    Fuel Tech, Inc. (FTEK) stock soared 17.94% in the current-market trading session at the price of $2.24 despite no fundamental reason. The last published news was its financial results for the second quarter of 2021. FTEK produces and commercializes state-of-the-art proprietary technologies that provide water treatment and advanced engineering services to decrease air pollution. These technologies facilitate clients to operate in a cost-effective and environmentally sustainable way.

    FTEK Announced Second Quarter 2021 Financial Results

    On 10th August 2021, FTEK published its financial results for the second quarter ended on 30th June 2021 and provided corporate updates.

    Financial Highlights

    FTEK reported consolidated revenues of $5.2 million for the quarter ended 30th June 2021. It represents a gain of 18.6% from $4.4 million in the same period of 2020. The gross margin was 49.5% for the second quarter of 2021. For the second quarter of 2020, the gross margin was 13.7% of revenues. SG&A expenses grew to $3.0 million from $2.8 million in the second quarter of 2021. It reveals higher regulatory costs balanced by a reversal of a $0.5 million charge.

    FTEK reported an operating loss of $(0.7) million in the second quarter of 2021. The operating loss was $(2.4) million in the same quarter of 2020. Net loss was $(0.8) million or $(0.03) per share in the second quarter of 2021. For the second quarter of 2020, net loss was $(2.5) million or $(0.10) per share.

    FTEK reported an Adjusted EBITDA loss of $(0.6) million in the second quarter ended 30th June 2021. Adjusted EBITDA loss was $(2.2) million in the second quarter ended 30th June 2020. On 30th June 2021, cash and cash equivalents were approximately $36.6 million. The restricted cash was $0.4 million during the quarter. Stockholders’ Equity was $45.9 million, or $1.52 per share, as of 30th June 2021.

    Management Comments

    Chief Executive Officer of FTEK, Vincent J. Arnone, remarked that their Air Pollution Control business remained challenging due to continuous project delays and cancellations resulting from Covid-19. They are happy to publish $4.5 million in new contracts from clients in Korea and Europe. The company continue to raise a global sales pipeline to $40-50 million. It ended the second quarter with solid balance sheet growth and zero debt. The company is well-positioned to enhance its business growth initiatives related to the control of toxic emissions, he concluded.

  • Here’s to why COMSovereign Holding Corp. (COMS) stock declines during current market?

    COMSovereign Holding Corp. (NASDAQ: COMS) stock declines by 0.43% in the current market trading session. COMSovereign Holding Corp. has put together a portfolio of communications technology firms that improve network connection.

    COMS stock’ Current Development

    RF Engineering & Energy Resource, a division of COMSovereign Holding Corp., has achieved Google’s “Android TV Operator Tier” certification for its latest IPTV (Internet Protocol Television) device. Network operators and system integrators with Android TV Operator Tier certification may totally modify the Android TV software platform, such as the user interface, features, and operation, as well as provide customer support.

    RFE created the new Symphony Allegro IPTV Set Top Box as a major hardware solution for COMSovereign’s Global Telcom business segment, which supports public and private telecommunication network operators. Instead of relying on standard set-top control boxes, Communication Service Providers of all sorts may deploy a comprehensive, feature-rich, and relatively secure streaming device to their end customers with the Symphony Allegro IPTV set-top box. RFE will be able to fully tailor its IPTV solution for any provider because it is Android TV Operator Tier certified. Additionally, establishing a “one-of-a-kind” service offering is essential. RFE has commenced initial production of 5,000 devices, which will be available for purchase by consumers in early December.

    Thomas Mansfield, CEO of RFE commented,

    Symphony Allegro introduces a better and more powerful method for them to further allow their extensive network of communications service operators to contact and interact with their consumers as an expert in the design and production of unique, high-performance communications gear. The attainment of Android TV Operator Tier certification is crucial, as it allows them to leverage on the huge increase in streaming and over-the-top video services. They’re excited to collaborate with content streaming sources and operators to create and provide extremely personalized and unique experiences to their customers.

  • Ocular Therapeutix, Inc. (OCUL) Stock Surged 15.59% Today, Here’s Why     

    Ocular Therapeutix, Inc. (OCUL) stock soared 15.59% in the current-market trading session at the price of $11.27 despite no fundamental reason. The last published news on the company’s website was the appointment of Karen-Leigh Edwards. OCUL is a leading biopharmaceutical company. It utilizes bioresorbable hydrogel-based technology to develop innovative therapies to treat eye diseases.  

    OCUL Appointed Karen-Leigh Edwards 

    On 28th September 2021, OCUL published that it had appointed Karen-Leigh Edwards as its Senior Vice President of Technical Operations. Dr. Edwards will be responsible for technical development, production, and supply chain operations. She has 20 years of experience in global enterprise-wide production operations and product lifecycle management strategies. Before joining OCUL, Dr. Edwards held multiple management positions at Alexion Pharmaceuticals. She has most recently served as the Head of External Manufacturing and Operations. She got an M.B.A. degree from MIT Sloan School of Management and did her Ph.D. from the University of Kansas. 

    Management Comments 

    Chief Executive Officer of OCUL, Antony Mattessich, remarked that they are delighted to welcome Karen-Leigh to the team. Her expertise across various disciplines at leading pharmaceutical companies will help the company develop supply chains and global manufacturing strategies.  

    Dr. Edwards remarked that this is an exciting time to join OCUL’s team. The company has recently launch DEXTENZA and has advanced towards the development of novel ophthalmic products. She looks forward to serving the technical operations team to build a world-class manufacturing organization to support the company’s growth, she added.  

    Merilee Raines Joined OCUL 

    Previously on 22nd September 2021, OCUL announced that Merilee Raines had joined its Board of Directors. The appointment became effective from 20th September 2021. Ms. Raines brought deep experience as she has 28 years of experience with IDEXX Laboratories, Inc. At IDEXX, she held several management positions and served as the Executive Vice President and Chief Financial Officer. Ms. Raines has also served as a member of the Board of Directors of Transmedics Group, Inc., Watts Water Technologies, Inc., and Excelitas Technologies Corporation.  She got her M.B.A. degree from the University of Chicago and is a Certified Public Accountant. 

    Ms. Raines commented that OCUL had successfully leveraged its hydrogel platform to bring DEXTENZA to market. It has emerged as a highly developed ophthalmology company with differentiated products to drive long-term growth. She is pleased to be part of Ocular and its directing Board, she added. 

  • TETRA Technologies, Inc. (TTI) Stock Surged 9.36% Today, Here’s Why  

    TETRA Technologies, Inc. (TTI) stock soared 9.36% in the current-market trading session at the price of $3.74 despite no fundamental reason. The last reported news was its financial results for the second quarter of 2021. TTI is an oil & gas services company centered on bromine-based fluids, calcium chloride, frac flow back, and water management solutions. 

    TTI Second Quarter 2021 Financial Results 

    On 2nd August 2021, TTI reported its second-quarter 2021 financial results and provided business updates.  

    Financial Highlights 

    For the second quarter that ended 30th June 2021, the total revenue was $102 million. It represents a sequential gain of 32% over the first quarter that ended 31st March 2021. The company reported a net loss of $6.7 million for the second quarter of 2021. Net loss was $11.9 million in the first quarter of 2021, with $6.6 million in non-recurring charges and expenses. Net loss per share in the second quarter was $0.05. The net loss per share from continuing operations was $0.02, excluding the non-recurring charges and expenses.  

    TTI reported an adjusted EBITDA of $13.0 million, excluding non-recurring charges, a gain of 44% from the first quarter of 2021. It includes a $1.6 million benefit from TETRA’s equity ownership in CSI Compressco LP and Standard Lithium. The gain resulted from the high operational performance of both business groups. In the second quarter ended on 30th June 2021, cash flow from operating activities was $1.8 million. Cash flow was $5.8 million in the first quarter ended 31st March 2021. In the second quarter of 2021, adjusted free cash flow was $4.5 million reflecting a buildup in working capital from a higher activity level. In the first quarter of 2021, free cash flow from continuing operations was $5.4 million.  

    Management Comments: 

    Chief Executive Officer of TTI, Brady Murphy, remarked that they had obtained excellent revenue and EBITDA growth during the second quarter of 2021. It reflects sequential developments in all of their business groups. The company have achieved notable milestones and is very optimistic about its future outlook. They saw a significant rise in demand for international and Gulf of Mexico Completion Fluids. For the second half of the year, they anticipate seeing a continued recovery in the North American onshore business with higher prices and continued activity in their international fluids business. Moving towards 2022, the company expects a stronger market recovery of all of their segments, he added.  

  • Inhibikase Therapeutics Inc. (IKT) stock gains during current market. Here’s to know why?

    Inhibikase Therapeutics Inc. (IKT) stock gains during current market. Here’s to know why?

    Inhibikase Therapeutics Inc. (NASDAQ: (IKT) stock gains by 1.03% in the current market trading session. Inhibikase Therapeutics is a clinical-stage pharmaceutical business focused on finding treatments for Parkinson’s disease and other neurodegenerative diseases.

    What is PD?

    Parkinson’s disease (PD) is the 2nd most frequent neurodegenerative condition in the United States, affecting roughly 1,000,000 people and resulting in 60,000 new cases and 38,000 deaths each year. PD is a progressive neurodegenerative illness that begins with the misfolding of alpha-synuclein, a tiny non-essential protein found both within and outside the brain.

    IKT stock’ Significant Development

    Inhibikase Therapeutics released intermediate three-month results from its continuing chronic toxicity studies in rats and non-human primates using oral IkT-148009 (NHPs).

    The Company’s continuing toxicity studies of IkT-148009 are created to accommodate regulatory criteria for chronic treatment in humans, which include daily oral administration for six months in rats and nine months in NHPs. Inhibikase has introduced three-month dosing cohorts in rats and NHPs to enable assessment in Parkinson’s patients for up to three months in its planned Phase 2a research, in addition to these criteria. The three-month intermediate findings from both animal species are included in the report, showing that the toxicological profile for IkT-148009 improved as the medication was dosed longer.

    Prior to starting the Company’s Phase 1 study of IkT-148009 in older healthy people, Inhibikase submitted 14-day toxicity data in rats and NHPs to the US Food and Drug Administration. The No Adverse Event Level, a measure of medication safety in animals, was determined to be 31.2 mg in NHPs over the 14-day trial, but not in rats. NOAEL measurements in rats and NHPs after three months of treatment were 50 mg and 75 mg, respectively, showing a 2.4-fold increase in NHPs and maintaining a standard for rats.

    Moreover,

    Following FDA evaluation of these three-month toxicological data, the Company expects to start a Phase 2a trial in 2022 to test daily oral administration of IkT-148009 in up to 120 Parkinson’s patients for three months, if the Agency agrees.

  • Zomedica Corp. (ZOM) Stock Surged 12.44% Today, Here’s Why

    Zomedica Corp. (ZOM) Stock Surged 12.44% Today, Here’s Why

    Zomedica Corp. (ZOM) stock soared 12.44% in the current-market trading session at the price of $0.59 after it had acquired Pulse Veterinary Technologies for $70.9 million. ZOM is a veterinary health company that focuses on the unmet needs of clinical veterinarians. Its major product portfolio includes diagnostics and medical devices for animals.

    ZOM Acquired PulseVet Technology

    On 1st October 2021, ZOM published that it had obtained Pulse Veterinary Technologies for approximately $70.9 million in all-cash transactions. Pulse Veterinary Technologies is an international electro-hydraulic shock wave technology. It can treat a broad range of conditions in veterinary patients. The high-energy sound waves discharge wound healing factors in the cell that improve blood flow by accelerating bone and tissue development. The technology can cure the conditions related to wound and bone healing, ligament recovery, osteoarthritis, and chronic pain.

    CEO of ZOM, Robert Cohen, remarked that it had been their motive to complete the TRUFORMA product platform and to stimulate the company’s growth by investing in their product development efforts. They are focused on improving ZOM’s capability to be a valued partner by bringing novel and valuable offerings to enhance animal and veterinary health.

    Appointment of Sean Whelan to Board of Directors

    On 13th September 2021, ZOM published the appointment of Sean Whelan to the company’s Board of Directors. Sean Whelan will replace his predecessor Christopher Wolfenberg. Mr. Sean has most recently served at Encore Rehabilitation Services as Chief Executive Officer. He has previously worked as the company’s CFO from 2017 to 2018. Earlier, Mr. Sean served as CFO of InfuSystem Holdings, Inc. from 2007 to 2010. Before that position, he served at Ford Motor Company in various senior finance positions from 1996 to 2007.

    Robert Cohen remarked that they welcome Sean, with a sterling background, to the company’s board of directors. His broad experience and expertise in financial matters will be an excellent addition to ZOM. They look forward to Sean assuming the Chairmanship of the Audit Committee and to serving the company on a wide range of issues. He also thanked Chris Wolfenberg for his services and valuable counsel during the period he served.

    Mr. Whelan commented that he is pleased by the potential of ZOM’s innovative product portfolio. As a business executive, he is excited to join the Board to help facilitate the company’s growth.

  • Paltalk, Inc. (PALT) Stock Surged 28.46% Today, Here’s Why 

    Paltalk, Inc. (PALT) stock soared 28.46% in the current-market trading session at the price of $10.78 despite no fundamental reason. The last reported news on the website was its second quarter of 2021 financial results. PALT is a leader in communications software that powers social applications. Paltalk and Camfrog, video-based collections, are the company’s famous product portfolios.  

    PALT Second Quarter 2021 Financial Results 

    On 10th August 2021, PALT published its second-quarter 2021 financial and operational results. CEO of PALT, Jason Katz, remarked that they are delighted to achieve a significant milestone of common stock uplisting. The Nasdaq uplisting has the potential to raise liquidity that enlarges the institutional stockholder base and improves long-term stockholder value.

    Their second-quarter results were stable compared to the prior-year second quarter due to the COVID-19 pandemic. The company has a substantial balance sheet with high liquidity, less long-term debt, and $6.5 million in cash and cash equivalents. PALT has built strong momentum over the last couple of quarters. They believe that the company is well-positioned for continued growth, he added. 

    Second Quarter 2021 Financial Highlights  

    For the three months ended 30th June 2021, PALT reported an increase in revenue by 1% to $3.4 million compared to the three months ended 30th June 2020. This growth resulted from $0.1 million increments in technology service revenue. For the six months ended 30th June 2021, the revenue raised by 11% to $6.8 million, compared to the six months ended 30th June 2020.  

    PALT reported income from operations of $0.6 million for the three months ended on 30th June 2021. It includes $0.2 million in non-cash impairment, an increase of $46 thousand compared to the second quarter of 2020. For the six months ended 30th June 2021, income from operations improved by $0.8 million compared to the same period of the previous year.  

    For the three months ended on 30th June 2021, net income was $0.8 million. It is $0.3 million higher compared to the three months ended 30th June 2020. PALT reported net income of $1.7 million for the six months ended on 30th June 2021. It represents an increase of $1.6 million compared to the same period of 2020. 

    PALT Liquidity and Capital Resources  

    For the six months ended on 30th June 2021, PALT achieved a positive cash flow of $0.6 million from operations. An improvement of $189 thousand compared to the six months ended 30th June 2020. Cash and cash equivalents totaled $6.5 million as of 30th June 2021. It represents an increase of $0.9 million as of 31st December 2020.