The pharmaceutical company Baudax Bio Inc (NASDAQ:BXRX) was in focus yesterday after it announced its financial results for the quarter and the nine month period, both of which ended on September 30, 2021.
Trading Data
On Thursday, BXRX stock slid 6.22% at $0.5289 with more than 2.02 million shares, compared to its average volume of 3.17 million shares. The stock has moved within a range of $0.5300 – 0.5450 after opening the trade at $0.5350.
Earnings Recap
The numbers did not seem to impress the investors much and the Baudax Bio stock declined by as much as 6%. However, it is important for investors to take a look at the numbers themselves and then make up their minds one way or another. At the end of the third quarter the company had short term investments, cash and cash equivalents to the tune of as much as $24.9 million.
On the other hand, the revenues, as per GAAP or generally accepting accounting principles, came in at $0.3 million for the third quarter. In the same period in 2020, the revenues stood at $0.1 million.
In this regard, it should be noted that the higher sales of ANJESO in the United States was one of the major factors behind the revenue boost. On the other hand, the cost of sales remained static at $0.5 million and that is certainly a positive development for the company. It remains to be seen if the Baudax Bio stock can make a recovery today.
Key Quote
“We are extremely pleased with the continued solid growth we saw during the third quarter in both sales and end-user demand for ANJESO, the significant uptick in sales to new accounts, which grew an estimated 66% quarter-over-quarter and September results that represented our best month to date,” said Gerri Henwood, President and CEO of Baudax Bio. “In addition, we are working to advance our pipeline, which includes novel neuromuscular blocking agents and a reversal agent that have the potential to meaningfully reduce time of “onset” of neuromuscular blockade, and “offset” for procedure recovery time, resulting in potentially valuable cost savings to surgical centers. The clinical dosing portion of the dose escalation study has been completed and we look forward to sharing the results in the near future.”
Technical Data
BXRX stock is trading below the 20-Day and 50-Day Moving averages of $0.55 and $0.59 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.91. The stock is down 12% in the past 3-month.
