Shares of Cyclerion Therapeutics, Inc. (CYCN) were continued to fall in the pre-market trading session today on April 28, 2021, after recording the drop of 17.95% at the previous closing. CYCN stock price was down by 2.34% today to drop at $2.50 a share at the time of this writing. The pipeline progress discussed by Cyclerion Therapeutics is the most recent news that appeared on April 27, 2021. Let’s see the current happenings.
Cyclerion Therapeutics, Inc is a clinical-stage biopharmaceutical company founded in 2018 and working on the discovery, development, and commercialization of medicines for the treatment of patients suffering from serious central nervous system disorders.
CYCN hosted the webinar on April 27, 2021, in order to discuss its pipeline progress.CYCN provided updates regarding its first-in-class, CNS-penetrant soluble guanylate cyclase (sGC) stimulator CY6463 in Alzheimer’s Disease. The potential for CY6463 in order to treat Cognitive impairment Associated with Schizophrenia was also discussed in the webinar by the CYCN stock based on its recent clinical and preclinical data. Furthermore, CYCN introduced its new development candidate CY3018 which is a differentiated next-generation CNS-penetrant sGC stimulator.
On April 26, 2021, Cyclerion appointed Errol De Souza, Ph.D. to its board of directors. Dr. De Souza is an experienced seasoned R&D and business leader. He served many large biopharmaceutical companies as well as startups in the discovery and development of medicines for the treatment of central nervous system disorders. Dr. De Souza is an active member of the board of directors of Royalty Pharma and Catalyst Biosciences and executive chairman of Bionomics Limited.
Financial View of CYCN stock:
As of March 31, 2021, Cyclerion Limited had cash, cash equivalents, and a restricted cash balance of $45 million while these were totaled $58 million on December 31, 2020.CYCN stock is focused on investing more in opportunities related to cognition and expects the monthly cash use to be 50% percent that of 2020.
CYCN stock is gloomy as far as market sentiment is concerned and no one knows how long this downtrend will continue. From investment perspective, it is better to research deeply about Cyclerion’s fundamentals, balance sheet, future growth, and recent financial results before adding this stock to the portfolio.