Shares of the Salarius Pharmaceuticals, Inc. (SLRX) stock were soaring in the pre-market today on August 25, 2021. SLRX stock price saw a push of 7.45% to reach $1.01 a share at the time of this writing. The stock was also green in the previous trading session and went high by 8.52% at closing. Let’s deep dive to understand the reason behind this bull.
What’s Happening?
Salarius Pharmaceuticals, Inc is the biotech stock that is developing therapeutics to treat patients suffering from cancers. SLRX stock has no specific news in today’s date to justify the bullish sentiment. No analyst upgrades or increased targeted per share price of SLRX stock has been reported. It seems that this biotech stock has been hot among investors on the social media platforms like Reddit, StockTwits, etc. Here are some recent events of Salarius stock.
Virtual Presentation by SLRX stock:
Recently on August 17, 2021, SLRX stock had presented its business update and clinical achievements via a virtual conference. Mr. Arthur presented at the Diamond Equity Research Emerging Growth Invitational Conference. He discussed the expected milestones for the clinical programs of seclidemstat combine with chemotherapy agents topotecan and cyclophosphamide. He also discussed Phase 1/2 clinical trial of seclidemstat combine with azacytidine to treat hematologic cancers.
Financial Results of SLRX stock:
In the second quarter of 2021 financial results, SLRX suffered basic and diluted net loss per share of $0.07 from continuing operations. This compares to a net loss of $0.13 per common share in the same tenure of the previous year. The stock reported $36.8 million for total working capital by the end of the second quarter.
SLRX stock spent $3.2 million net cash for its operating activities in the recently reported quarter. Net cash for operating activities increased by $0.7 million as compared to the same period of the previous year.
Salarius stock had $33.1 million in cash and cash equivalents by the end of the second quarter of 2021. According to management, this cash is enough to support the current operations of Salarius Pharmaceuticals.
Conclusion:
Things are going well for SLRX stock as far as market sentiment is concerned. Analysts are optimistic that this stock will rise by more than 400% in the upcoming 12 months which means its price target is $5. Investors must do deep fundamental as well technical analysis before making any decision.
