Emmaus Life Sciences Inc (OTCMKTS:EMMA) Stock Continues to Trade in a Range
Emmaus Life Sciences Inc (OTCMKTS:EMMA) stock continues to trade in a range in absence on any catalyst.
Market Action
In Thursday’s trading session, EMMA closed lower by 3% at $1.60. More than 6.9K shares have exchanged hands, above its average volume of 8k shares. The stock opened at $1.65 and moved in a range of $1.5550 – 1.6500.
Sep 02, 2021, – Emmaus Life Sciences Reports Financial Results for the Six Months Ended June 30, 2021
Here are the highlights:
Net revenues for the six months ended June 30, 2021 increased by 5% to $11.8 million compared to the same period in 2020. When compared to the first quarter of 2021, net revenues increased by 22%. The increase in net revenues in the second quarter of 2021 was primarily attributable to bulk order purchases in the second quarter and recovery from the temporary disruptions in sales related to the COVID-19 pandemic and weather-related supply chain interruptions that affected certain key customers in the first quarter of 2021.
Total operating expenses for the first half of 2021 increased by $1.3 million, or 12%, to $12.1 million from $10.8 million for the half of 2020, primarily as a result of increased selling expenses and research and development expenses of $0.5 million and $1.4 million, respectively.
The increase in selling expenses was due to compensation attributable to the company’s in-house sales team. The increase in research and development expenses was attributable to the Pilot/Phase 1 study of the company’s prescription grade L-glutamine oral powder to treat diverticulosis and the preclinical development of the IRAK4 inhibitor, under the company’s previously announced collaboration agreement with Kainos Medicine, Inc.
Operating loss for the first half of 2021 was $1.1 million compared to $0.4 million for the first half of 2020. The operating loss for the half of 2021 was attributable to the increase in operating expenses as noted above.
Net loss for the first half of 2021 was $5.9 million compared to a net loss of $4.0 million for the first half of 2020. The increase in net loss for the first half of 2021 compared to the first half of 2020 was primarily a result of increases of $1.2 million in other expenses and $0.7 million in loss from operations as discussed above.
Trader Notes:
EMMA stock is trading above all the key moving averages with 200-day and 50-Day SMA stands at $1.47 and $1.58 respectively. Over the past year, the stock has gained over 65%. Will the stock be able to find the bottom and recover from the oversold zone?
