Leap Therapeutics Inc (NASDAQ:LPTX) Stock Moves Up After Quarterly Earnings
Biotech company Leap Therapeutics Inc (NASDAQ:LPTX) was in focus among investors this past Friday and ended up with gains of as much as 3% as a consequence. The stock jumped after the company announced its financial results for the third fiscal quarter that had ended on September 30, 2021.
Market Stats
On Friday, LPTX stock moved up 2.93% at $2.46 with more than 3.03 million shares, compared to its average volume of 6.28 million shares. The stock has moved within a range of $2.3193 – 2.4900 after opening trading at $2.36.
Earnings Review
Hence, it might be a good time for investors to take a look at some of the highlights from the third quarter financial results. The company reported a net loss of as much as $11.1 million for the third fiscal quarter and it should be noted that the net loss widened from the $7.1 million net loss that it had suffered in the prior year period.
On the other hand, the license revenues for the quarter remained unchanged from the year ago period at $0.4 million. Leap Therapeutics spent as much as $10.4 million towards research and development expenses for the quarter. That reflected a significant rise from the year ago period, when it had spent only $5.4 million towards research and development expenses. However, the significant rise was largely due to the rise in manufacturing costs, which came in at $3.3 million in the third quarter.
Key Quote
“We presented positive new data at ESMO of DKN-01 in combination with BeiGene’s tislelizumab and chemotherapy demonstrating compelling overall response rates in patients with first-line gastric or gastroesophageal junction (G/GEJ) cancer, particularly those patients whose tumors expressed high levels of DKK1 or low PD-L1,” said Douglas E. Onsi, President and Chief Executive Officer of Leap. “We look forward to presenting additional data from the DisTinGuish study early next year and aggressively advancing DKN-01 into the next stages of development in G/GEJ and other cancers.”
Traders Corner
LPTX stock is trading below the 20-Day and 50-Day Moving averages of $2.71 and $2.83 respectively. However, the stock is trading above the 200-Day moving average of $2.10. The stock is down 28% in the past month.
