Home Equities Score Why Humanigen Inc (HGEN) stock turnaround in the after-market on Friday?

Why Humanigen Inc (HGEN) stock turnaround in the after-market on Friday?

Humanigen Inc. (HGEN) shares gained 2.99% to trade at $20.66 in the after-market on Friday, May 21, 2021, after HGEN’s stock lost -0.15% in the early trading session on Friday.  HGEN shares have surged 386.30% over the last 12 months, and they have moved up 13.08% in the past week. Over the past three months, the stock has lost 6.78%, while over the past six months, it has jumped 143.15%.

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Let’s see is there any news behind its flip on Friday?

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Participation in the upcoming healthcare conference

Humanigen Incmanagement team will participate in a fireside chat at the Jefferies Healthcare Conference being held from June 1-4, 2021.

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The company will discuss its lead product, Lenzilumab, in the conference which recently completed a Phase 3 clinical trial of patients hospitalized with COVID-19.

Lenzilumab manufacturing agreement with chime Biologics

On May 17, 2021, Humanigen, Inc. entered into a manufacturing services agreement with Chime Biologicsto produce Lenzilumab bulk drug substance and drug product for Humanigen for commercial sale of Lenzilumab, outside of the United States.

According to the agreement, Chime will use the state-of-the-art modular single-use KuBio (Cytiva) biologics facility in China for producing bulk drug substance for Lenzilumab. Both companies are expecting a commercial product launch in 2022.

Recent financial results

On May 13, 2021, Humanigen released its financial results for the first quarter ending March 31, 2021, and provided.

Q1 2021 financial highlights

  • Humanigen reported a net loss of $65.6 million or $1.25 per share for Q1 2021 compared to $2.5 million or $0.11 per share for the three months ended March 31, 2020.
  • Research and Development expenses were $59.9 million in Q1 2021 compared to $59.2 million in Q1 2020.
  • General and administrative expenses were 5.0 million in Q1 2021 compared to $1.4 million in Q1 2020.
  • The company had cash and cash equivalents of $92.9 million on March 31, 2021.

Phase 3 results of Lenzilumab

On May 3, 2021, Humanigen, Inc. announced results from the Lenzilumab Phase 3 study in hospitalized COVID-19 patients.

The Phase 3 results from the LIVE-AIR study demonstrated that Lenzilumab improves survival without the need for mechanical ventilation in hospitalized, hypoxic patients with COVID-19.

New chief medical officer

On April 21, 2021, Humanigen, Inc appointed Adrian Kilcoyne, MD, MBA, MPH, to the newly-created role of Chief Medical Officer, effective immediately. Adrian Kilcoyne will be reporting to Dr. Cameron Durrant, CEO of Humanigen.

Dr. Kilcoyne has strong leadership experience from multinational pharmaceutical and biotechnology companies and a strong clinical background in both Internal Medicine and Public Health Medicine.

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Conclusion

There is no recent news aboutHumanigen at the moment which could justify its minor gains in the after-market on Friday. investors may be betting on HGEN stock for its lead candidate, Lenzilumab which has shown improved results in phase 3 trials.

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