Surface Oncology, Inc. (SURF), a clinical-stage immuno-oncology company, has seen an increase of 13.14% in the premarket trading session. As a result, SURF stock is changing hands at $6.80 at the moment. There appears to be no specific reason for this development. On Thursday, SURF stock closed the day at $6.01 after a steady increase of 0.84%. Let us have some discussion about SURF stock recent developments.
Q2 2021 financial results
On 5th of August, SURF reported the unaudited quarterly results for second quarter of fiscal year 2021, ended 30th June. According to those, the company generated revenue of %0.51 million during the quarter. The total operating expenses during the quarter were $19.10 million during the quarter. During equivalent period of 2020, the total operating expenses were $14.54 million. The net loss bore by company during the quarter were $18.98 million. During the equivalent period of 2020, the net loss was $14.80 million. The net loss per basic and diluted share during the quarter was $0.44. It was the same during the equivalent period of 2020. At the end of quarter, the company had $164.28 million in terms of cash and cash equivalents. The total assets at the end of quarter were $205.51 million. Rob Ross, M.D., chief executive officer of Surface Oncology, said on the occasion that the quarter was a major success for the company. He hoped that the company would continue achieving similar results in the future.
SURF appointed Denice Torres
On 8th of July, SURF appointed Denice Torres in company’s Board of Directors. Ms. Denice has over 25 years of executive leadership experience in the health industry across multiple sectors. Before joining Surface Oncology, Ms. Denice served at numerous executive leaderships in Johnson and Johnson. She served as president of McNeil Consumer Healthcare and president of Janssen Pharmaceuticals, CNS. Before joining Johnson and Johnson, Ms. Denice served at Eli Lilly for 14 years. There, she led number of businesses. In 2015, she was named as the Healthcare Businesswomen’s Association (HBA) Woman of the year. At the time of her appointment in Surface Oncology, she was a director at bluebird bio (BLUE), Karuna Therapeutics (KRTX), Glaukos Corporation (GKOS), and Resilience. Apart from that, she was also CEO at Ignited Company. Rob Ross welcomed the induction of Ms. Denice and hoped that she would bring transformational changes in the company.
What lies ahead for SURF stock?
The performance of SURF stock during last on has remained abysmal. It has declined by 31% during last half year. But recent past performance of SURF renewed investors’ interest. During last one month, SURF stock has gained an increase of 6%. Based on that improved performance, SURF stock could enjoy excellent times in future as well. This is evident from the analyst estimate that EPS of SURF could increase by a tremendous 179% during current fiscal year. So, based on these statistics, potential investors should keep an eye on SURF stock.
