The existence of specific news is not always the precondition for a rally in any stock and hence, investors often need to look a bit deeper to work out the possible reasons behind a rally.
The stock of the precision medicine firm OpGen Inc (NASDAQ:OPGN) was on the move yesterday and ended the day with gains of 10%. That took its gains for the past week to as much as 25%. However, there was no news about the company in the past week and to0 many investors; the rally might appear speculative in nature.
In that context, it should be noted that back on August 12 OpGen actually announced its financial results for second fiscal quarter and the six month period, both of which concluded on June 30, 2021.
The revenues for the second quarter came in at $0.8 million, which reflected a decline from the $1.2 million in revenues that the company had generated in the prior year period. At the end of the period, the company also reported total cash balance of around $31.2 million. That reflected a major jump from the cash balance of only $13.4 million at the end of 2020.