Home Top Movers Why Catalyst Pharmaceuticals Inc. (CPRX) stock surged on Friday?

Why Catalyst Pharmaceuticals Inc. (CPRX) stock surged on Friday?

Catalyst Pharmaceuticals Inc. (CPRX) shares rose 5.12% in after-hours on Friday, June 25, 2021, and closed the weekly trading at $6.36 per share. Earlier in the morning session, CPRX’s stock gained 2.54% to close Friday’s morning session at $6.05 per share. CPRX shares have risen 26.04% over the last 12 months, and they have moved up 5.58% in the past week. Over the past three months, the stock has gained 38.13%, while over the past six months, it has plunged 76.90%.

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The recent update about the lawsuit in Canadian Federal Court

On June 03, 2021, Catalyst Pharmaceuticals, Inc and KYE Pharmaceuticals Inc announced a positive decision in their lawsuit in the Canadian Federal Court Challenging Health Canada’s approval of Medunik’s New Drug Submission (NDS) for Ruzurgi®.


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A Brief Background of the case

Both companies challenged Health Canada’s decision to approve the NDS for Ruzurgi®

The Judge’s decision cancelled the NOC previously issued for Ruzurgi® and forward the matter to the Minister of Health to redetermine its decision to grant marketing authorization to Ruzurgi® despiteFirdapse®’s data protection rights. This leaves Ruzurgi® without marketing authorization in Canada.

Participation in the recent investor conferences

Catalyst Pharmaceuticals recently participated at The Jefferies Virtual Healthcare Conference which held on June 1-4, 2021. Catalyst’s management hosted virtual 1×1 meetings throughout the conference.

Earlier the company also presented itself at The Oppenheimer Rare & Orphan Disease Summit which took place on Friday, May 21, 2021.

Recent financial results announcement

On May 10, 2021, Catalyst Pharmaceuticals, Inc announced its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Catalyst Pharmaceuticals reported net revenue of 2 million for Q1 2021 compared to $29.1 million for Q12020.
  • The company earned an operating income of $9.8 million in Q1 2021 compared to $10.7 million in Q1 2020.
  • GAAP net income was $7.7 million, or $0.07 per basic and diluted share in Q1 2021 compared with net income of $10.4 million, or $0.10 per basic and diluted share in Q1 2020.
  • Research and development expenses were $3.0 million in Q1 2021 compared to $4.2 million for the first quarter of 2020.
  • Selling, general and administrative expenses were $12.7 million in Q1 2021 compared to $10.1 million in the first quarter of 2020.
  • As of March 31, 2021, the company had $143.3 million in cash and investments and no funded debt.

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Conclusion

Well, we have no recent news at the moment about CPRX and we can assume that its recent surge is liked with its recent past developments which we have discussed above. CPRX stock can commence the new week by continuing its surge from Friday.

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