Why did Checkpoint Therapeutics Inc. (CKPT) stock surge in the after-hours on Friday?

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Checkpoint Therapeutics Inc. (CKPT) shares soared 6.85% in after-hours on Friday, December 10, 2021, and closed the weekly trading at $3.12. however, in the regular trading session on Friday, CKPT’s stock lost 1.02%. CKPT shares have risen 16.80% over the last 12 months, and they have moved up 8.15% in the past week. Over the past three months, the stock has lost 7.89%, while over the past six months, it has declined 1.02%.

Let’s have a brief discussion about its latest news.


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CKPT initiated CONTERNO Phase 3 Trial of Cosibelimab

On December 08, 2021, Checkpoint Therapeutics, Inc. (CKPT), initiated the CONTERNO study, a global, randomized Phase 3 trial of cosibelimab in combination with pemetrexed and platinum chemotherapy for the first-line treatment of patients with non-squamous non-small cell lung cancer (NSCLC). The primary endpoint for the CONTERNO Phase 3 trial is overall survival (OS), and the study is designed to support full regulatory approvals worldwide.

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CKPT latest financial results

On November 04, 2021, Checkpoint Therapeutics, Inc. (CKPT) reported financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • There was no revenue generated in Q3 2021.
  • Research and development expenses were $9.4 million in Q3 2021, compared to $2.5 million for the third quarter of 2020.
  • General and administrative expenses were$1.9 million for the third quarter of 2021, compared to $2.4 million for the third quarter of 2020.
  • CKPT suffered a net loss of $11.3 million, or $0.14 per share in Q3 2021, compared to a net loss of $4.9 million, or $0.09 per share, in the third quarter of 2020.
  • Checkpoint ended the quarter with cash and cash equivalents totalling $60.2 million, compared to $65.1 million on June 30, 2021, and $40.8 million on December 31, 2020.

CKPT participation in the recent investor conferences

Checkpoint Therapeutics, Inc. participated at the 2021 Cantor Virtual Global Healthcare Conference, which took place on Monday, September 27, 2021. The company was presented by James Oliviero, President and Chief Executive Officer during the event.

CKPT also participated at Lake Street’s 5th Annual Best Ideas Growth Conference, which was held on September 15, 2021, and at the H.C. Wainwright 23rd Annual Global Investment Conference, which was held on September 13, 2021.

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Conclusion

Well, we have no idea why did CKPT stock went up in the after-hours on Friday. There is no such news which could justify its positive performance on Friday.

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