Brickell Biotech Inc (NASDAQ:BBI) Stock Sees Sell-Off Following Quarterly Earnings
Anyone looking into the premarket action this morning might have noticed that the Brickell Biotech Inc (NASDAQ:BBI) stock has suffered from a bit of a selloff. At the time of writing, the stock is down by as much as 5% but in order to get a better idea about the reasons behind the selloff it might be a good idea to take a look at the company’s third quarter financial results which were released on Tuesday.
Market Stats
On Tuesday, BBI stock ended flat at $0.40 with more than 5.14 million shares, compared to its average volume of 1.9 million shares. The stock has moved within a range of $0.3920 – 0.4100 after opening the trade at $0.40.
Earnings Recap
In the quarter that had ended on September 30, 2021 the company had cash equivalents and cash to the tune of $21.4 million. However, it should be noted that it was lower than the $30.1 million in the same metric at the end of the quarter that ended on December 31, 2020.
On the other hand, the company managed to eke out revenues of $0.1 million in the quarter and that remain unchanged from the revenues that had been generated in the prior year period. The research and development expenses for the quarter came in at $10.2 million and that was a significant jump from the $1.3 million in research and development expenses in the prior year period. It remains to be seen if the stock can make a recovery any time soon.
Key Quote
“This has been an exciting period for Brickell, as we announced positive data from our Phase 3 pivotal clinical studies of sofpironium bromide gel, 15% and expanded our pipeline with the acquisition of a Phase 1-ready DYRK1A inhibitor and cutting-edge platform with broad potential in autoimmune and inflammatory disorders. We look to build on this momentum by focusing on several near-term clinical, regulatory, and operational milestones that we believe can drive our growth,” commented Robert Brown, Chief Executive Officer of Brickell. “
Traders Corner
BBI stock is trading below the 50-Day and 200-Day Moving averages of $0.63 and $0.87 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.48. The stock is down 34% in the past month.