Home Equities Score Why China Jo-Jo Drugstores Inc. (CJJD) stock popped up on Friday?

Why China Jo-Jo Drugstores Inc. (CJJD) stock popped up on Friday?

China Jo-Jo Drugstores Inc. (CJJD) shares surged 22.83% to trade at $1.13 in after-market on Friday, May 14, 2021. Earlier, CJJD ‘s stock gained 1.10% to close Friday`s session at $0.92. CJJD shares have declined 65.15% over the last 12 months, and they have moved down 5.11% in the past week. Over the past three months, the stock has lost 31.85%, while over the past six months, it has shed 13.21%.

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Let’s see what are the latest developments about CJJD

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Reception for provincial government officials

On April 26, 2021, China Jo-Jo Drugstores, Inc. hosted a reception for provincial government officials including MsHuili Qi, deputy director of Shaanxi Medical Products Administration (SMPA), Mr. Yangyi Zhan, head of SMPA’s Circulation and Development Department, Mr. ZhiliangSu, deputy director of Zhejiang Medical Products Administration (ZMPA), and Ms. Wang Bei, deputy head of ZMPA’s Medical Products Circulation Department.

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Recent financial results

On February 12, 2021, China Jo-Jo Drugstores, Inc reported its financial results for the third fiscal quarter ended December 31, 2020.

Q3 2021 financial highlights

  • China Jo-JoDrugstores earned a revenue of $35.54 million for the three months ended December 31, 2020, compared to $33.36 million for the same period of last year.
  • Gross profit was $8.09 million for Q3 2021 compared to $7.28 million for Q3 2020.
  • General and administrative expenses were$6.19 million reported quarter compared to $1.05 million for the same period of last year.
  • CJJD suffered a net loss of $6.29 million, or $0.15per basic and diluted share, for the Q3 2021 compared to net income of $0.46 million, or $0.02 per basic and diluted share in Q3 2020.
  • The company had cash of $12.12 million, as of December 31, 2020.

A recent letter from the Chairman

On February 2, 2021, the chairman of China Jo-Jo Drugstores, Inc released a letter to shareholders of the company discussing the company’s financial position and its struggle during the current Covid-19 pandemic. He addressed the shareholders and said that the 2020 COVID-19 pandemic has brought unexpected challenges to everyone. It also brought tremendous impact and pressure to the development of enterprises.

First suppliers conference in China hosted by CJJD

China Jo-Jo Drugstores, Inc hosted its first supplier’s conference in Haiwaihai International Conference Center of Hangzhou, China at the end of December 2020, which was attended by approximately 200 representatives of its suppliers.

The company signed strategic cooperation framework agreements with 11 prominent companies during the conference.

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Conclusion

Well, as of this writing, we had no recent news to justify its surging on Friday. we hope CJJD will continue its positivity on the first day of the new week.

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