Pulmatrix’s stock (NASDAQ: PULM) exploded 32% Friday to close at $3.09 per share after trading nearly 21 million shares. The move was enough to capture the Daily Stock Challenge Breakout award in March’s Stock Challenge.
Pulmatrix advances candidates in 2017
Pulmatrix is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary disease. The company is utilizing it’s patented iSPERSE™ technology.
Pulmatrix has had a huge 2017, rising from below $1 per share to a high of $6.98.
The Company’s proprietary product pipeline is working to advance treatments for rare diseases, including PUR1900, an inhaled anti-fungal for patients with cystic fibrosis (CF). Approximately 30,000 people in the United States have cystic fibrosis.
Pulmatrix’s stock Responds After Financial Results
Pulmatrix announced its 2016 financial results and its recent progress on March 10th. The company also provided an outlook for 2017 for its pulmonary disease development pipeline.
“The Company continues to advance its two iSPERSE-based product candidates and recently strengthened our balance sheet, with the closing of two registered direct offerings that brought in net proceeds of approximately $7.5 million,” said Robert W. Clarke, Ph.D., chief executive officer of Pulmatrix.”
Click here to read the entire press release.
In regards to the company’s financials, Pulmatrix ended 2016 with $4.2 million in cash and cash equivalents compared to $7.3 million as of September 30, 2016. Below is a short excerpt:
“Net loss for 2016 was $27.8 million compared to a net loss of $26.2 million in 2015. The increase in net loss was primarily attributable to net increase of $7.5 million in non-cash charges and an increase of $3.0 million in research and development expense, partially offset by a decrease of $9.0 million in general and administrative expense.”
Click here to read the company’s press release which featured its 2016 financial results from March 10th.
Long-time Pinnacle member ‘joeyg48‘ selected Pulmatrix for March’s Stock Challenge and saw his combined average return jump 14.67% Friday.
Member ‘screefer‘ is hanging out in first place with a 189.65% return. ‘minerjoe‘ is not exactly nipping at his heels, with a 69.30% return, but is doing great considering it is only mid-month.
