Home Trending Stocks Calyxt Inc. (CLXT) stock surged in the after-hours on Friday, But why?

Calyxt Inc. (CLXT) stock surged in the after-hours on Friday, But why?

Calyxt Inc. (CLXT) shares jumped 5.1% in after-market on Friday, May 28, 2021, and closed the week at $4.53 per share. Earlier, in Friday’s morning trading session, CLXT’s stock gained 2.13% and closed at $4.31 per share. CLXT shares have fallen 0.69% over the last 12 months, and they have moved up 0.94% in the past week. Over the past three months, the stock has lost 55.34%, while over the past six months, it has added 10.80%.

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Let’s see what’s going on recently with Calyxt Inc?

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Financial results announcement

On May 6, 2021, Calyxt, Inc released its financial results for its first quarter ended March 31, 2021.

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Q1 2021 financial highlights

  • Calyxt, Inc earned revenue of $4.4 million in Q1 2021 compared to $2.4 million in Q1 2020.
  • The cost of goods sold was $6.7 million in the first quarter of 2021.
  • The gross margin was negative $2.3 million, or negative 53 percent, in the first quarter of 2021, compared to negative $1.5 million in the first quarter of 2020.
  • Total operating expenses were $7.3 million in the first quarter of 2021, compared to $9.1 million in the first quarter of 2020.
  • Calyxt suffered a net loss of $10.0 million or net loss per share of $0.27 in Q1 2021 compared with $11.06 million or net loss per share of $0.34 in Q1 2020.
  • Adjusted net loss was $8.8 million in Q1 2021 compared with $10.83 million in Q1 2020.
  • Adjusted net loss per share was $0.24 in the first quarter of 2021 compared with $0.33 in Q1 2020.
  • Adjusted EBITDA loss was $6.8 million in the first quarter of 2021 compared to a negative $8.24 million in Q1 2020.
  • As of March 31, 2021, Calyxt had cash, cash equivalents, short-term investments and restricted cash totaled $20.4 million.

Exceptional results from premium soybean product line(HOLL)

On May 4, 2021, Calyxt, Inc revealed that its next-generation premium high oleic low linolenic (HOLL) soybean oil trait has exceeded industry performance targets expected in the premium oil segment.

Successful transformation of HempGenome

On April 29, 2021, Calyxt, Incsuccessfully transformed the hemp genome, enabling a step-change in innovative approaches in the species. This transformation technology enables future advancements in hemp such as trait delivery, gene editing, and advanced plant breeding and is expected to accelerate hemp variety development.

Participation in the recent investor conferences

  • Calyxt, Inc recently participated in Stephens Food & Ag Disrupted: Public-Private Conference which held on May 25-26, 2021. The company’s chief financial officer, Bill Koschak presented the company.
  • Calyxt was presented by Bill Koschak, chief financial officer, at Oppenheimer 6th Annual Emerging Growth Conference which held on May 11-12, 2021.

Conclusion

Well, as of this writing there is no recent news which could be the reason behind its good performance on Friday. we hope that CLXT stock will continue its positive momentum on Tuesday as well after the long weekend.

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