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Stocks of biotech firm Clearside Biomedical Inc (CLSD:US, NASDAQ:CLSD) zoomed over 35 per cent (10:45AM EST) on Tuesday, June 15, with its trading volume soaring past 22 million in less than two hours.
The spike in its stock performance came as the eye health-focused biopharma firm announced successful safety results for an injection that aims to cure age-related vision loss.
Clearside said on Tuesday that after completing a month since receiving a dose of ‘CLS-AX’, five out of six patients showed improvement in their vision.
The biotech company also noted that the lowest drug quantity caused no serious side-effect events in the interim phase, and that there were no dose-related adverse reactions observed in any of the volunteers.
With the biomedical stock recording a surge in the wake of this announcement, let’s take a look at its stock price trajectory and financial health.
Clearside Biomedical Inc (CLSD:US, NASDAQ:CLSD)
The US-based clinical biopharma firm engages in the research and development (R&D) of therapies to cure eye-related diseases. Its drug candidates under clinical trials are said to be precisely focused on a disease impacting the retina known as macular degeneration.
Clearside stock held a stock price of US$ 4.08 on Tuesday around opening bell, while its market cap was around US$ 235 million.
The healthcare stock surged by 54 per cent in the last one month, recording a 30-day average volume of 165,128 shares. It rose 79 per cent in the last one year, surpassing the S&P 500 Pharma Sub-Index’s one-year growth of 26 per cent.
At the previous price of US$ 3.02 apiece, the biotech scrip was trading above the 200-day simple moving average (SMA) and 30-day SMA by 22.61 per cent and 12 per cent, respectively. Thus, it seems to be marching in a bull market against moving average multiples.
Clearside stock’s trajectory appears to be heading toward its one-year high of US$ 4.53 (recorded on February 10, 2021).
Clearside Biomedical’s one-year stock performance against moving average multiple. (Chart Source: EODHD/Others)
Clearside reported expenses of US$ 5.5 million for R&D operations in the first quarter of 2021, up against US$ 3.8 million a year ago.
This surge in spending came primarily due to costs attributed to the CLS-AX clinical program, including expenses for a Phase 1/2a clinical trial of CLS-AX, and other drugs production.
As per its earnings report, the company’s administrative costs declined over six per cent to US$ 2.9 million in Q1 2021, as compared to C$ 3.1 million in Q1 2021.
Please note: The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others.
