On January 20, shares of Baudax Bio Inc. (BXRX) skyrocketed in the premarket session to reach $0.27 at the last check. No official news from the company seems to be driving the stock up.
During regular trading, the stock saw a high of $0.2149 and a low of $0.1900. BXRX closed the session at $0.1964 with 5.84 million shares exchanging. The stock soon saw a reversal as it entered the premarket session. Hence, BXRX had added a huge 39.96% in the premarket at the time of writing.
The pharmaceutical company, Baudax Bio Inc. was founded in 2015. Currently, its 84.58 million outstanding shares trade at a market capitalization of $17.24 million.
BXRX’s Recovery and Movement
BXRX stock had been gloomy for a few days. After losing 7.36% in the past five days, the stock finally recovered in today’s premarket session. There are no recent news or SEC filings from the company that might indicate the reason for the upsurge. Although, the company does have an upcoming event. The company will be holding a special meeting of shareholders on February 09, 2022.
This depicts that the stock may be moving up due to some external factors like investors’ interest based on social media platforms or the low in the price being a good buying opportunity, etc.
Overall, BXRX stock has lost 10.40% year to date while it subtracted a huge 88.45% last year.
Recent Developments
Recently, the company participated in the H.C. Wainwright BioConnect Virtual Conference which took place from January 10 to 13, 2022. The company’s President and Chief Executive Officer, Gerri Henwood presented at the conference.
BXRX’s Inducement Grant
On December 31, the company announced awarding inducements grants to 14 newly-hired employees, with a grant date of December 29, 2021. Moreover, BXRX’s Board’s Compensation Committee approved the grants. Under these grants stock options of buying 109,250 of the company’s common stock hares and restricted stock units covering 31,900 shares, were awarded.
In addition, as per the closing price on December 29, the exercise price of these options is $0.22 per share.
Financial Details
On November 04, 2021, the company declared its financial results for the third quarter of 2021.
In the third quarter of 2021, BXRX reported net product revenue of $0.3 million against $0.1 million in the year-ago quarter.
Moreover, the company suffered from a net loss of $17.0 million in Q3 of 2021, against an adjusted net loss of $11.3 million in Q3 of 2020. This also included a $5.7 million non-cash charge. Resultantly, the net loss per diluted share was $0.20 in the third quarter of 2021.
