Here is why iSpecimen Inc. (ISPC) stock turned towards positivity in the after-hours on Wednesday?

iSpecimen Inc. (ISPC) shares soared 18.92% in after-hours on Wednesday, November 24, 2021, and closed the daily trading at $12.13. However, in the regular trading session of Wednesday, ISPC’s stock lost 22.67%. The stock volume remained 9.96 million shares. ISPC shares have moved up 112.50% in the past week. Over the past three months, the stock has gained 66.94%.

Let’s have a look at its recent news and developments.

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ISPC Advanced Phase of COVID-19 Research

On November 22, 2021, iSpecimen Inc. (ISPC) was awarded a contract to support new advanced research on COVID-19 seeking insights on its transmissibility, variants, outcomes, and testing validity among multiple population segments. The company has partnered with multiple research and health care organizations on a range of diverse projects requiring a variety of COVID-19 samples, including nasal swabs, saliva, and blood products, in the last ten months.

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In addition, iSpecimen has been contracted by other federal agencies and private companies for custom COVID-19 collections, which are often complex and complement the more immediate availability of remnant or banked samples.

ISPC latest financial results

On November 4, 2021, iSpecimen Inc. (ISPC) reported its financial results for the three and nine-month periods ended September 30, 2021.

Q3 2021 financial highlights

  • ISPC total revenue was $2.7 million in Q3 2021 compared to approximately $2.3 million for the same period in 2020.
  • In Q3 2021, the cost of revenue was $0.9 million, consistent with the prior year.
  • General and administrative expenses were $1.7 million in Q3 2021 compared to $0.8 million for the third quarter of 2020.
  • Total operating expenses were $4.17 million in Q3 2021 compared to $3.0 million in Q3 2020.
  • It suffered a net loss of $1.1 million for the third quarter of 2021, compared to a net loss of over $1.2 million for the same period in 2020.
  • iSpecimen ended the quarter with $9.8 million of cash.

ISPC participation in the recent investor conferences

  • iSpecimen Inc. (ISPC) recently participated at the 12th Annual Craig-Hallum Alpha Select Conference which was held virtually on Tuesday, November 16, 2021.
  • ISPC also participated at A.G.P.’s Biotech & Specialty Pharma Conference which was held virtually on Wednesday, November 10, 2021.

ISPC Expanded Global Biospecimen Supplier Network

On October 7, 2021, iSpecimen Inc. (ISPC) expanded its human biospecimen supplier network to offer increasingly comprehensive selections of whole blood, plasma and other biofluids to help accelerate the development of liquid biopsies. The company expanded its supply network to include another US-based organization with numerous blood donation centres across the country and access to tens of thousands of donors registered to provide blood for research.

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iSpecimen stock turnaround in the after-hours after it received a contract to support new advanced research on COVID-19. We can expect it to continue its positive momentum on Friday as well.

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