Concert Pharma falls 13% after third quarter results
Nov. 07, 2022 11:45 AM ETConcert Pharmaceuticals, Inc. (CNCE)By: SA News Team
- Concert Pharma (NASDAQ:CNCE) stock fell sharply on Monday despite the biopharma reporting a loss lighter than expected for third quarter.
- The Lexington-based drug developer focused on the treatment of autoimmune diseases reported a loss of $0.58 per share, notching a earnings surprise from consensus estimate of $0.59.
- License and research/development revenue is posted at $0.08M, in-line with consensus.
- "We are very happy to have seen consistent efficacy and safety results across our two Phase 3 clinical trials of CTP-543 in alopecia areata. The positive results that we reported from THRIVE-AA1 in May and from THRIVE-AA2 earlier this week, will form the basis of our New Drug Application, which we expect to submit to the FDA in the first half of 2023," said Roger Tung, Ph.D., President and Chief Executive Officer of Concert Pharmaceuticals.
- The company ended the quarter with cash, cash equivalents and investments of $148.9M compared to $153.7M as at the end of second quarter 2022.
- Concert Pharma said: "Under its current operating plan, it expects its cash, cash equivalents and investments to fund the company through the second quarter of 2023."
- The stock, however, has reversed long-standing gains to decline 12.5% intraday in post-earnings move on Monday, trading at $4.88. Over the past 1-year, CNCE share price has surged over 50% vs. S&P's negative return of 19.43%.