This morning the price action in the Salarius Pharmaceuticals Inc (NASDAQ:SLRX) stock could be of interest to many investors. Although the stock had managed to clock gains of as much as 39% on Thursday, it should be noted that it suffered from a heavy selloff in premarket trading and went down by as much as 18%.
Trading Data
On Thursday, SLRX stock surged 39% to $0.2220 with more than 12.85 million shares, compared to volume of 603K shares. The stock moved within a range of $0.1651 – 0.2499 after opening trade at $0.2098.
Earnings Recap
The company is involved in the development of cancer therapies for those individuals who may need new options with regards to their treatments. Yesterday, the company was in focus after it announced its financial results for the fiscal quarter that had ended on March 31, 2022.
The company announced that at the end of the quarter it had cash and cash equivalents to the tune of $24.2 million. In addition to that, it was also noted that it had also managed to close a direct offering worth as much as $2.3 million back on April 26 this year.
The runway for the cash that Salarius has is expected to be up until 2023. On the other hand, the net loss per common share for the fiscal quarter stood at $0.13 and it was higher than the $0.06 it had recorded under the same overhead in the prior year period.
Key Quote
“We have high expectations for 2022 as we build on the progress achieved during the first quarter and recent weeks,” stated David Arthur, CEO of Salarius Pharmaceuticals.
Technical Data
SLRX stock is trading below the 20-Day and 50-Day Moving averages of $0.24 and $0.33 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.63.
