CNS Pharmaceuticals, Inc. (CNSP), a clinical pharmaceutical company, closed Wednesday’s regular session at $0.42 after soaring 11.64% during the day. In the premarket session, CNSP stock has gained a further increase of 3.56% and is trading at $0.44 at the time of the writing.
CNSP Received Approval for Conducting Berubicin Study
The exuberant performance of CNSP stock could be attributed to the approval of the company’s study of Berubicin. CNS announced before the opening of the market on Wednesday that it had received approval from relevant health authorities in France to conduct the pivotal study of Berubicin, which would aid in the treatment of recurrent glioblastoma multiforme (GBM). GBM is among the most aggressive types of brain cancers. Recently, FDA had granted CNSP the Fast Track Designation for Berubicin.
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Current Scenario of the Pharma Industry
The onset of the pandemic proved to be a turning point for the pharma industry, as, before that, the sector was in the doldrums. However, since COVID-19 erupted, the pharma industry saw unprecedented growth, with the sector growing from $1228.45 billion in 2020 to $1250.24 billion in 2021. However, as the effects of the pandemic are subsiding, the splendid time for the pharma sector doesn’t seem to fade away, instead, it is predicted that the pharma industry would grow to $1700.97 billion in 2025.
CNSP Cash Starvation
In recent days, investors have expressed their dissatisfaction with the cash burn situation that CNSP is going through and there are fears that the stock would go down in near future. However, the stock’s decline can’t be associated with the fact that it is not making any money. In the case of the pharma industry, most companies lose money for years, but as they develop a new drug, their fortunes change instantly. However, there’s a risk as well as there is a fair chance of the company going bankrupt in case the breakthrough doesn’t come early.
Looking ahead, it seems that the situation would remain on the positive side for CNSP stock. The developments related to Berubicin could provide a boost to the company in the short term. Therefore, investors should keep a close eye on the stock.