Zosano Pharma Corporation (NASDAQ:ZSAN) Stock Corrects 11% in a Month: A Good Opportunity?

Zosano Pharma Corporation (NASDAQ:ZSAN) is down 11% in a month. The company reported its Q2 financial results and business highlights for the period ending June 30, 2021.  CEO Steven Lo said they are delighted to have commenced the healthy volunteer’s pharmacokinetic study requested by the US FDA for NDA resubmission for M207. 

Lo said that the study evaluated safety and pharmacokinetics in 38 healthy volunteers. The company is working to finalize the study in Q3, and pending positive data receipt, Zosana will resubmit M207 NDA by the end of 2021.

During the quarter, the company enhanced its patent portfolio after receiving a US patent portfolio covering the M207 method of use. Equally, the company appointed Kathy McGee to its board. The company’s net loss in Q2 2021 was $6.1 million or $0.06 per diluted and basic share. The loss included the $1.6 million gain in the Paycheck Protection Loan forgiveness. As ZSAN awaits M207 study findings, it is worth keeping an eye on.

Market Reaction:

On Wednesday, ZSAN stock decreased 3% at $0.755 with more than 597K shares, compared to its average volume of 1.94 million shares. The stock has moved within a range of $0.7412 – 0.7791 after opening the trade at $0.74.