Kintara Therapeutics (NASDAQ:KTRA) Stock Extends Fall: Down 11% in a Week
Over the course of the past week, the Kintara Therapeutics (NASDAQ:KTRA) stock has been in the middle of a strong selloff and the situation remained the same on Tuesday.
Market Stats
On Tuesday, KTRA stock fell 3.73% at $0.84 with more than 1.39 million shares, compared to its average volume of 1.98 million shares. The stock has moved within a range of $0.8299 – 0.8910 after opening trading at $0.89.
Recent News
As investors headed for the exits again, the Kintara stock slumped by as much as 4% and that took its decline for the past week to as much as 11%. While the decline has been substantial, it should also be noted that on Monday the company had been in the news after it announced its financial results for the third fiscal quarter. It might be a good time for investors to take a look into it.
The headline figure for the quarter was that Kintara ended with a cash balance of more than $19.3 million and noted that it was enough for the funding of the work related to the novel cancer therapies.
In addition to that, it should be noted that the cash balance also reflected a significant improvement from the previous quarter when Kintara ended with a cash balance of $10.5 million. At the same time, the company’s costs with regards to research and developed also went up year on year to $3.8 million. In the prior year period it had been $1.4 million.
Key Quote
“Our focus this past quarter was purely on executing the clinical strategy for VAL-083, our first-in-class, potentially transformational therapy for multiple oncology indications, and REM-001, our late-stage photodynamic therapeutic platform,” CEO Robert Hoffman said in a statement.
Traders Corner
KTRA stock is trading below the 20-Day and 50-Day Moving averages of $0.91 and $1 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.56. The stock is down 43% in the past 3-month.
