NEW YORK, NY / ACCESSWIRE / August 14, 2018 / There was no news to explain the sudden jump shares of Xenetic Biosciences saw in Monday’s trading session. Shares of Antares Pharma also climbed higher despite any news. It was momentum that kept the stock going after the company announced last week that it would be working with Pfizer.
RDI Initiates Coverage on:
Xenetic Biosciences, Inc.
Antares Pharma, Inc.
Xenetic Biosciences, Inc. shares closed up a little over 28% yesterday on trading volume of almost 8 million shares compared to an average trading volume of roughly 770,000 shares. There was no news from the clinical-stage biopharmaceutical company to explain the big jump. The company's lead program XBIO-101, is under phase II study for treatment of progesterone resistant endometrial cancer. Preliminary data from this study is expected this year and a biomarker study with XBIO-101 for triple negative breast cancer is also being planned. On page 16 of a 10-Q, the company has stated that it "will need to raise additional capital or pursue other strategic alternatives in the very near term in order to continue the pursuit of our business plan and continue as a going concern."
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Antares Pharma, Inc. shares closed up 10.54% on about 5.2 million shares traded on Monday. It was continued gains for the pharmaceutical company after it was announced last week by the company that it would be working with giant Pfizer on developing a combination drug and device rescue pen that uses the company's key QuickShot Auto-Injector technology. The company also recently reported second quarter results, revealing revenue of $14.2 million and a net loss per share of $0.03 for the quarter ended June 30, 2018. CEO Robert F. Apple stated, "We are very pleased with the second quarter operating and financial results and the progress we made on a number of key initiatives. The recent launch of AMAG’s Makena auto injector product, the addition of a rescue pen development program to our business alliance pipeline and the potential for a late third quarter approval of our proprietary product XYOSTED should continue to drive additional increases in revenue going forward." He added, "Additionally, we continue to see a positive shift in our revenue mix, transitioning away from development revenue toward product revenue with a 51% increase recorded in the second quarter versus the same period last year. We are also focused on XYOSTED launch planning as we continue to identify highly experienced sales representatives and stand ready to bring them on board contingent upon product approval on the September 29, 2018 target action date.”
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