Stocks which record considerable gains in a short period of time are also prone to drop quickly on the back of profit taking from investors and that is what happened with the ENDRA Life Sciences Inc (NASDAQ:NDRA) stock on Wednesday.
The company, which is best known for Thermo Acoustic Enhanced UltraSound, saw its stock decline by 9.50% owing to profit taking but at the same time it should be noted that despite the drop it is still up by 35% over the past week. There has been no recent news about the company but back on August 12 ENDRA announced its financial results for the fiscal quarter that ended on June 30, 2021.
The company reported that its operating expenses went up to as much as $3.2 million in the quarter. In the prior year period, the operating expenses had stood at $2.9 million.
The rise in expenses was primarily related to the expenses that had been incurred with regards to the commercialisation efforts for Thermo Acoustic Enhanced UltraSound. The company suffered a net loss of $3.2 million in the quarter, which worked out to $.08 a share. In the prior year period, the net loss had been $2.9 million but the loss per share had been $0.20 a share.
