This past Friday there was no news at all about Synthetic Biologics Inc (NYSEAMERICAN:SYN) but that did not stop investors from jumping on to the stock in a big way.
The diversified company, which is at a clinical stage, saw its stock jump by as much as 7% on Friday and the rally in the stock still remains a bit of a mystery. There has been no news at all about the company for many month and the last important development was back in May this year when Synthetic Biologics announced its financial results for the quarter that had ended on March 31, 2021.
The company announced that its administrative and general expenses for the quarter jumped by as much as 2% to hit $1.42 million. In the prior year period, the figure for the same metric stood at $1.39 million. In this context, the company noted that the year on year rise was primarily due to the rise in audit fees, legal costs and higher costs of insurance.
On the other hand, the stock based compensation for the quarter came in at $82,000, which was again a higher figure than the stock based compensation of $65,000 in the prior year period.