Biopharmaceutical firm Kintara Therapeutics Inc (NASDAQ:KTRA) is a company that could well come into focus this morning among investors considering the fact that its stock had clocked gains of as much as 11% this past Friday.
Trading Data
On Friday, KTRA stock moved up 11.37% to $0.1880 with more than 9.11 million shares, compared to its average volume of 2.41 million shares. The stock moved within a range of $0.1540 – 0.2040 after opening trading at $0.1680.
Kintara Therapeutics Announces Fiscal 2022 Third Quarter Financial Results and Provides Corporate Update
As a matter of fact, the company was in the news on Friday after it announced its financial results for the third fiscal quarter that ended on March 31, 2022. It may be a good move for investors to perhaps take a closer look at some of the highlights from the company’s financial results before considering the stock.
Kintara announced that at the end of the quarter it had cash and cash equivalents to the tune of as much as $8.8 million. However, in this regard, it may be a good idea to remember that back in April the company had managed to raise as much a $7.9 million by way of a registered direct offering.
The company suffered a net loss of $5.4 million for the quarter, which worked out to a per share loss of $0.11. However, it ought to be noted that the losses actually went down year on year. In the prior year period, Kintara had recorded a loss of $6.6 million.
Key Quote
“The enrollment rate in the GBM AGILE Study continues to be robust and is expected to lead to our announcing top-line data for the VAL-083 arm of the study around the end of 2023,” commented Robert E. Hoffman, Kintara’s President and Chief Executive Officer. “Moving our REM-001 CMBC program back into the clinic is also an important step for us to deliver on our mission of serving cancer patients where there is a clear unmet medical need. We remain on track to start enrolling patients in the CMBC study by the middle of calendar year 2022.”
Technical Data
KTRA stock is trading below the 20-Day and 50-Day Moving averages of $0.25 and $0.32 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.73.
