ContraFect Corporation (Nasdaq: CFRX) stock reported an excellent day for trading yesterday as it succeeded in continuing its upward trend not only during regular market hours but also in extended trading as well. A federal agency awarded the company a cost-share contract that led to impressive gains for the company after-hours.
What the company has won?
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The contract biotech company developed DLAs with the aim of finding and developing new compounds. The treatments for life-threatening, antibiotic-resistant infections have included the use of lysins and amurin peptides. Antimicrobial resistance leads to the deaths of around 700,000 people in the world each year. Based on its therapeutic product candidates from its platform of DLAs, the company plans to address life-threatening infections with lysin and amurin peptides. The company recently has been awarded an important contract by a federal agency as per following details:
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- The Biomedical Advanced Research and Development Authority (BARDA) awarded ContraFect with a cost-share contract, announced the company on Thursday.
- At the U.S. Department of Health and Human Services (HHS), the BADRA is part of the Office of the Assistant Secretary for Preparedness and Response (ASPR).
- In accordance with the contract, the Company will receive $9.8 million as an initial sum and an additional $77.0 million if necessary.
- A phase-3 clinical trial of exercise in patients with Staph aureus bacteremia, including right-sided endocarditis, is currently underway at ContraFect as part of their Phase-3 DISRUPT (Direct Lysis of Staph aureus Resistant Pathogen Trial) study.
- Based on that study’s results, BARDA will provide additional funding to the Company upon reaching key milestones.
- This also includes enabling exercise to progress through FDA product approval and to complete post-approval commitments.
What Analyst Think About The Company
According to WSJ, ContraFect Corporation (NASDAQ: CFRX) obtained an estimated Buy proposal from the 3 brokerage firms currently keeping a deep eye on the stock performance as compares to its rivals. The average price goal set by this analyst for one year is $16.33.
The stock last released its quarterly earnings report for the quarter ended 9/29/2020, with the company’s earnings per share (EPS) of -$0.19 above consensus estimates by -$0.38. The company’s next earnings report is expected on 05/12/2021, with forecasts estimating quarterly EPS at -$0.31 and -$1.61 for a whole year. CFRX’s earnings per share are forecast to grow by 68.80% this year and 34.80% over next year.
It is difficult to visualize how fast antibiotic resistance is developing, and the devising of effective medical countermeasures could not only eliminate infections but will also help developing companies make their businesses lucrative for the stakeholders.