While many stock performed strongly last week, there were many other stocks which were laggards and that is the nature of the market. The Corbus Pharmaceuticals Inc (NASDAQ:CRBP) stock was in the latter category as it slumped by as much as 7% last week.
Considering the fall in the stock, it could also be a good idea to figure out if it could be an opportunity for investors. Last week the company was in the news after it announced its financial results for the second fiscal quarter of the year.
In the quarter that ended on June 30, 2021 the company managed to bring in as much as $137,000 through licenses and awards. However, that reflected a sharp drop from the $286,000 that it had managed to generate in the prior year quarter.
On the other hand, the operating expenses incurred by Corbus stood at $16.8 million and that represented a sharp drop from the $38.4 million in operating expenses in the second quarter of 2020. The drop in manufacturing expenses came about due to the drop in medicine manufacturing expenses and clinical trial costs. The company also managed to reduce its expenses towards compensation in the second quarter.
