Xenetic Biosciences Inc (NASDAQ:XBIO) Stock gains Momentum: WIll The Rally Continue?
Premarket trading action is an important indicator of how the rest of the day might pan out and one of the stocks to have made a major move today is that of Xenetic Biosciences Inc (NASDAQ:XBIO).
There has been no news about the company in recent days but the stock is getting considerable traction among investors and has managed to clock gains of as much as 14% in premarket trading. While there has been no news, it might still be useful for investors to take a look at the company’s financial results for the first quarter that were declared back in May.
In the first fiscal quarter, the company suffered a loss of $1.3. On the other hand, the research and development expenses incurred by the company in the quarter that ended on March 31, 2021 came in $.3 million.
That is actually decline from the $0.4 million that the company had spent in the first fiscal quarter last year. At the end of the quarter, Xenetic reported working capital balance of $10.2 million. The company also noted that during the first quarter it was fully focussed on carrying forward the development of its CAR T personalised platform technology product XCART.
Market Reaction:
On Thursday, XBIO stock was down 2.62% at $1.86 with more than 1.42 million shares, compared to its average volume of 434k shares. The stock has moved within a range of $1.8000 – 1.8800 after opening the trade at $1.83. Over the past 52-week, the stock has been trading within a range of $0.7600 – 5.8500.
