Kezar Life Sciences Inc. (KZR) soars after hours to reach a 52-week high of $14.81, against its close at $8.41 on November 15. KZR stock made a gigantic leap of 76.10% in the after-hours, while it went up by a mere 2.69% during the day. Not only did it break its 52-week high but the stock also traded at 1,634% of its 65-day average volume of 305.35K. The volume was a staggering 4.49 million on November 15. KZR stock traded at a high of $9.79 and at a low of $4.61 in the previous 52 weeks. This jump in the stock was seen after KZR announced interim results from the MISSION Phase 2 trial.
Kezar Life Sciences Inc. (KZR) is a clinical-stage biotechnology company that discovers and develops breakthrough treatments for immune-mediated and oncologic disorders.
The KZR stock Movement
Previously, the results of KZR’s Q3 earnings on November 10 did not impress the investors, which put the stock on a short downtrend. This downtrend was broken by new developments and announcements by the company.
Late on November 10, the company further announced the closing of a $50 million senior secured term loan from Oxford Finance LLC. The announcement of Oxford Finance provided a $50 million credit facility to the company, but the stock was on a bullish path pre-market the next day. This uptrend continued as the stock progressed slowly till November 15th’s market close.
MISSION Phase 2 Interim Results
On November 15, Kezar Life Sciences Inc. (KZR) announced interim results from the MISSION Phase 2 trial in patients with Lupus Nephritis. According to the data, the KZR-616 is a first-in-class selective immunoproteasome inhibitor. Lupus nephritis is a long-term and difficult to treat disease. The KZR-616 showed clinically meaningful benefits in patients with lupus nephritis. After treatment with KZR-616, 4 out 5 patients achieved either partial or complete renal response.
The company will present its top-line data in the second quarter of 2022.
KZR Third Quarter Financials
On November 10, the company announced its financial results for the quarter ended September 30, 2021. According to the results, the net loss for Q3 2021 was $14.5 million as compared to $11.3 million in 2020. The net loss per basic and diluted share was $0.28 for Q3 2021, against $0.23 for Q3 2020.
As of September 30, the cash, cash equivalents, and marketable securities totaled $120.8 million, against that of $140.4 million as of December 31, 2020. This decrease was attributed to the cash used by the company in operations to advance its clinical-stage programs.
