Why did Baudax Bio Inc. (BXRX) shares soar on Tuesday?

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CLBS Stock
CLBS Stock

Baudax Bio Inc. BXRX stock soared 12.22% in after-hours on Tuesday, August 24, 2021, and closed the daily trading at $0.73. Even in the regular trading session on Tuesday, BXRX’s stock gained 22.88%. BXRX shares have fallen 77.17% over the last 12 months, and they have moved up 12.08% in the past week. Over the past three months, the stock has lost 23.35%, while over the past six months, it has declined 57.07%.

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BXRX recent financial news

On August 05, 2021, Baudax Bio, Inc (BXRX) reported financial results for the three and six months ended June 30, 2021.


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Q2 2021 financial highlights

  • BXRX reported revenue of $0.2 million in Q2 2021 compared to $0.35 million in Q2 2020.
  • The cost of sales was $0.6 million in Q2 2021 compared to $0.7 million in Q2 2020.
  • Research and development expenses were $0.9 million in Q2 2021 compared to $1.4 million for the three months ended June 30, 2020.
  • Selling, general and administrative expenses were $10.6 million in Q2 2021, compared to $11.2 million in Q2 2020.
  • It suffered a net loss of $15.3 million, or $0.2 per diluted share in Q2 2021 compared to a net loss of $30.4 million, or $1.72 per share in Q2 2020.
  • The company had cash, cash equivalents, and short-term investments of $37.6 million on June 30, 2021.

BXRX Stock participation in the recent investor conference

Baudax Bio, Inc (BXRX) recently participated at the JMP Securities Life Sciences Conference which was held on Thursday, June 17, 2021. The company was presented by the President and Chief Executive Officer Gerri Henwood during the conference.

BXRX’s ANJESO exceptional achievement

On June 08, 2021, Baudax Bio, Inc. (BXRX) announced that ANJESO (meloxicam) injection has achieved approvals at over 100 formularies across the U.S. in under one year of commercialization. ANJESO’s presence on formularies is expected to drive usage through regular availability at both hospitals and ambulatory care centres covered by these formularies.

BXRX Stock Registered Direct Offering

On May 31, 2021, Baudax Bio, Inc (BXRX) entered into a definitive agreement with certain institutional investors for the purchase and sale of an aggregate of 14,028,520 shares of common stock and warrants to purchase up to an aggregate of 14,028,520 shares of common stock at a purchase price of $0.85 per share and accompanying warrant in a registered direct offering. The company will get gross proceeds of approximately $11.9 million from the offer.

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Conclusion

Well, as of this writing, there is no recent news that could be linked with BXRX stock recent surge on Tuesday. We hope that it will continue its momentum on Wednesday as well.

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