HomeTop MoversWhy ABVC BioPharma Inc (ABVC) stock soared on Thursday?

Why ABVC BioPharma Inc (ABVC) stock soared on Thursday?

ABVC BioPharma Inc. (ABVC) shares gained 19.92% in after-hours on Thursday, October 14, 2021, and closed the daily trading at $2.95. Even in regular trading, ABVC’s stock gained 4.68%. Its shares have fallen 38.50% over the last 12 months, and they have moved up 14.42% in the past week. Over the past three months, the stock has lost 50.80%, while over the past six months, it has declined 44.09%.

Let’s discuss its recent news and developments.


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ABVC agreement with Lucidam

On October 12, 2021, ABVC Biopharma, Inc executed a joint venture agreement with Lucidam. The agreement calls for business development collaboration through BioLite Japan, an existing affiliate of ABVC, that seeks to identify early-stage opportunities in drug development, digital health, and medical device technology. ABVC will retain equity ownership in BioLite Japan at 49% (rather than its pre-agreement 50% ownership) and Lucidam will retain equity ownership in BioLite Japan at 51% (rather than its pre-agreement 50% ownership).

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ABVC completed site selection

On September 13, 2021, ABVC Biopharma, Inc completed clinical site selection for its ABV-1505 Attention-Deficit Hyperactivity Disorder (ADHD) Phase II Part 2 study. The Phase II, Part 1 study was accepted by the US Food & Drug Administration in October 2020. The Part 2 study of ABV-1505 (ADHD) is a multi-nation multi-site randomized, double-blind, placebo-controlled study involving approximately 100 patients.

ABCV new PCT Filings for MDD and ADHD Treatments

On September 01, 2021, ABVC BioPharma, Inc filed new PCT (Patent Cooperation Treaty) applications in connection with its medicines that treat the major depressive disorder (MDD) and Attention-Deficit Hyperactivity Disorder (ADHD).

ABVC update on Vitargus

On August 26, 2021, ABVC BioPharma, Inc. provided an update regarding recent developments in connection with Vitargus®.

Vitargus is the world’s first bio-degradable vitreous substitute intended to facilitate retina re-attachment surgery. Vitargus can result in eliminating the need for post-surgery patient face-down positioning, as well as significantly greater recovery period patient comfort and visual acuity than currently available products.

Recent financial results

On August 12, 2021, ABVC Biopharma, Inc. announced its unaudited financial results for the three months ended June 30, 2021.

Q2 2021 financial highlights

  • The company reported total revenue of $31,441 in Q2 2021 compared to $226,513 in Q2 2020.
  • The total operating expenses were $2,066,310 for Q2 2021 compared to $1,416,290 for Q2 2020.
  • It suffered a net loss of $2,052,956 for Q2 2021 compared to $2,184,057 in Q2 2020.

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Conclusion

Well, as of this writing, there is no recent news or development which could be linked with its gains on Thursday. we hope that it will end the weekly trading session on a positive note.

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