The announcement of financial results can often result in a significant move in either direction for stock and that is what happened with the Abeona Therapeutics (NASDAQ:ABEO) stock on Tuesday.
The Abeona stock rallied strongly yesterday after announcing its financial results and ended up clocking gains of as much as 15%. The company, which is based out of Dallas, Texas, suffered a loss of $16 million in the quarter. That worked out to losses of 17 cents a share for Abeona.
The company also revealed that its cash, investments, and cash equivalents at the end of the period that ended on March 31, 2021 stood at $86.8 million. At the end of the previous quarter, it stood at $95 million. On the other hand, the research and development expenses jumped to $7.2 million from $6.8 million in the year-ago period. In light of the gains made by the Abeona stock yesterday, it is going to be interesting to see if the stock can continue to record gains today.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.