Strongbridge Biopharma plc (SBBP) stock soared in the Premarket today on May 24, 2021, after moving high in the previous trade. SBBP stock price saw an uptrend of 15.77% to reach $2.79 a share as of this writing. The stock price went up by 2.99% at the previous closing. There happens to be no news today or in the previous week to justify this rise. Let’s deep dive to explore more of it.
Strongbridge Biopharma plc is a United States based biopharmaceutical company founded in 1996.SBBP stock is focused on the development and commercialization of therapeutics for the treatment of rare diseases. SBBP stock was green in the previous trading and continuing the rising momentum so far despite the absence of any specific activity in the recent days. However, SBBP stock on May 13, 2021, announced the acceptance for review of its New Drug Application (NDA) for RECORLEV® (levoketoconazole) by the U.S Food and Drug Administration.RECORLEV®an investigational cortisol synthesis inhibitor used for the treatment of patients suffering from endogenous Cushing’s syndrome.
First Quarter 2021 Financial Results:
- In the first quarter of the year 2021, SBBP stock generated $8.4 million from the net product sales from KEVEYIS® (dichlorphenamide) which is 25% higher than the $6.7 Million of the same quarter of the previous year.
- The revenue for the full year 2021 is projected to be between $34 Million to $36 Million approximately by the SBBP stock.
- Strongbridge spent $10.9 million in selling, general, and administrative expenses in the first quarter of 2021 while the previous year’s expenditures were $10.4 million for the same period.
- Research and development expenses for the SBBP stock were dropped to $5.8 million in the recently reported quarter as compared to $7.6 million in the first quarter of 2020.The decline.
- As of March 31, 2021, Strongbridge stock had cash and cash equivalents of $73.9 million.
Things are going well for the SBBP stock as far as market sentiment is concerned. Recent comments by the management show that Strongbridge is focused on the leverage of its operational as well as commercial expertise for the continued growth. Moreover, FDA’s acceptance for filing the RECORLEV® has increased its importance as a potential treatment for patients with Cushing’s syndrome. Despite all the positive factors, deep fundamental, as well as technical analysis, is necessary before adding this stock to the portfolio.