Shares of global biopharmaceutical company Beyondspring, Inc. (NASDAQ:BYSI) closed 6.4% higher on Thursday, even after the company reported a wider-than-expected loss in the third quarter of 2021. However, the stock tumbled nearly 2% in the extended trading session to end the day at $4.56.
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Net loss stood at $0.47 per share and surpassed the Street’s estimate of a loss of $0.37 per share. Beyondspring had posted a loss of $0.48 per share in the previous year.
The company reported revenues of $337,000, compared to no revenues in the third quarter of 2020.
Cash, cash equivalents, and short-term investments totaled $91.6 million as of September 30.
The Chairwoman and CEO of BeyondSpring, Lan Huang, said, “The year ahead will be very busy and significant for BYSI, and we remain dedicated to enabling plinabulin to achieve its full potential and to bringing added value to the treatment of cancer patients.”
About BeyondSpring
Based out of New York City, BeyondSpring is engaged in the development of cancer therapies. It is focused on non-small cell lung cancer and the prevention of neutropenia.
Its drug pipeline includes plinabulin, a selective immunomodulating microtubule-binding agent (SIMBA) that is being developed for various cancer indications as a direct anti-cancer agent, and to prevent chemotherapy-induced neutropenia (CIN).
Wall Street’s Take
After the release of BeyondSpring earnings report, H.C. Wainwright analyst Joseph Pantginis maintained a Hold rating on the stock but did not provide a price target.
Overall, the stock has a Hold consensus rating based on 2 Buys, 3 Holds and 1 Sell. The average BYSI price target of $11.75 implies 152.7% upside potential. Shares have lost nearly 62% over the past year.
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