Biopharmaceutical company Regulus Therapeutics Inc (NASDAQ:RGLS), which is involved on discovering and developing new age medicines that target microRNAs, was in the news yesterday.
Trading Data
On Thursday, RGLS stock fell 7.57% to $0.2456 with 6.80 million shares, compared to its average volume of 1.99 million shares. The stock moved within a range of $0.1860 – 0.2500 after opening trade at $0.2495.
Regulus Therapeutics Reports First Quarter 2022 Financial Results and Recent Updates
The company announced its financial results for the fiscal first quarter that had ended on March 31, 2022 and that resulted in a decline of as much as 13% during premarket trading. In this situation, it may be a good idea for investors to take a look at some of the highlights from the company’s financial results and then make their minds up about the stock one way or another.
At the end of the quarter, the company had cash and cash equivalents to the tune of $53.9 million. During the course of the quarter, Regulus spent as much as $3.7 million on research and development expenses. In the prior year period, the research and development expenses had stood at $3.3 million.
The company noted that it went up due to external costs related to work on its preclinical and clinical pipeline. Net loss for the period came in at $6.7 million, which worked out to a loss per share of $0.05. It remains to be seen if the stock can make a recovery today.
Key Quote
“The year is off to a great start as we continue to advance our pipeline, including the recent acceptance of our IND application for RGLS8429. We are thrilled to begin clinical development where we will investigate the safety, tolerability, pharmacokinetics, and preliminary efficacy of RGLS8429 for the treatment of ADPKD,” stated Jay Hagan, CEO of Regulus.
Technical Data
RGLS stock is below the 50-Day and 200-Day Moving averages of $0.26 and $0.42 respectively. However, the stock is trading above the 20-Day moving average of $0.22.
