Home Top Movers What could be the reason behind Kindred Biosciences Inc (KIN) stock gains...

What could be the reason behind Kindred Biosciences Inc (KIN) stock gains on Tuesday?

Kindred Biosciences Inc (KIN) stock had a good Tuesday. It gained 1.29% in the normal trading and further, it jumped 5.94% in the after-hours session on Tuesday, April 20, 2021. KIN shares have risen by 16.30% over the last 12 months, and they have lost 4.46% in the past week. Over the past three months, the stock has gained 3.74%.

Let’s have a look at the latest news about the KIN stock.


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Interleukin-31 Antibody PK Study results

On April 20, 2021, Kindred Biosciences Inc. reported positive results in a new long-acting interleukin (IL)-31 antibody program (KIND-039) which has KIN half-life extension technology. Results showed that the fully canonized, the high-affinity antibody has up to a three-fold longer half-life compared to tirnovetmab. This extended half-life is expected to allow for up to three-fold longer interval between dosing.

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Recent financial results

On March 16, 2021, Kindred Biosciences announced financial results for the fourth quarter and the full-year ended December 31, 2020.

Fourth Quarter 2020 Financial Highlights

  • KindredBio reported a net loss of $10.9 million, or $0.28per share for the quarter ended December 31, 2020, compared to a net loss of $15.7 million, or $0.40 per share, for the Q4 in 2019.
  • It earned $1.0 million of net product revenues for the fourth quarter of 2020, compared to $1.4 million in the prior-year period.
  • For Q4 2020, Research and development expenses were $7.6 million compared to $7.1 million for the same period in 2019.
  • For Q4 2020, Selling, general, and administrative expenses were $3.3 million compared to $9.6 million for Q4 in 2019. 

The full Year 2020 Financial Highlights

  • Kindred Biosciences suffered a net loss of 8 million, or $0.55per share in 2020 compared to a net loss of $61.4 million, or $1.59 per share, in 2019.
  • Full-year 2020 net product revenues were $42.2 million, compared with $4.3 million for FY 2019.
  • For the full year 2020, research and development expenses were $31.3 million, compared to $28.3 million in 2019.
  • Selling, general and administrative expenses were $22.0 million in FY 2020, compared to $37.9 million for 2019.
  • KindredBio had $59.9 million in cash, cash equivalents, and investmentsonDecember 31, 2020, compared to $73.5 million on December 31, 2019.

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Efficacy data submission of KIND-030 As Prophylactic Option 

On February 25, 2021, Kindred Biosciences Inc submitted efficacy data of prophylactic indication for KIND-030. The data was submitted to the United States Department of Agriculture Center for Veterinary Biologics for review.

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