Aerpio Pharmaceuticals (NASDAQ:ARPO) Stock Soars To New High: A Good Buy Now?

Biopharmaceutical company Aerpio Pharmaceuticals (NASDAQ:ARPO) has seen its stock soar by 58% this morning so far thanks to an upgrade to the stock by the firm H.C. Wainwright. The stock has been upgraded to buy from neutral and on top of that, the target price has been set at $22 a share.

Hence, it is not a surprise that investors have piled on to the Aerpio stock in a big way this morning. There has been no fresh news about the Aerpio today but it could be a good idea for investors to get to know about the company’s business.

The company is involved in deploying Tier 2 activation for the purpose of developing treatments for vascular and ocular conditions. Back in May, Aerpio announced its financial results for the quarter that ended on March 31, 2021.

The company ended the quarter with a cash balance of $39 million, which was lower than the $42.6 million that it had reported at the end of the prior year period. On the other hand, the operating expenses came in at $5.6 million, which reflected a rise of 36.7% from the $4.1 million that the company had spent in the prior year period.

Market Reaction:

As of 11:34, ARPO stock moved up 58.50% at $2.71 with more than 121.33 million shares, compared to its average volume of 5.63 million shares. The stock has moved within a range of $2.2300 – 2.9200 after opening the trade at $2.36. Over the past 52-week, the stock has been trading within a range of $0.9540 – 2.9200.