Why is Sunshine Biopharma (SBFM) stock surging?

Highlights

• Stocks of Sunshine Biopharma Inc (NASDAQ: SBFM, SBFM: US) have been surging this Tuesday morning, April 5, up by over 183 per cent at 9:46 AM EST.
• The surge seems to be coming in the wake of the company announcing the findings of its newly designed mRNA molecules.
• The pharmaceutical stock rocketed by almost 207 per cent in the last one month.

Stocks of Sunshine Biopharma Inc (NASDAQ: SBFM, SBFM: US) have been surging this Tuesday morning, April 5, up by over 183 per cent at 9:46 AM EST.

The surge seems to be coming in the wake of the company announcing the findings of its newly designed mRNA molecules.

Sunshine Biopharma is known to work on the research, development and marketing of oncology and antiviral drugs. It said on Tuesday that a couple of its recently designed mRNA molecules have been proved effective against multidrug-resistant cancer cells.

The company said that it completed cytotoxicity tests on a range of cancer cells, including those from breast cancer, ovarian adenocarcinoma, and pancreatic cancer. The test results indicated that Sunshine's mRNA molecules showed little or no cytotoxic effects.

The Montreal-headquartered drug company stated that these molecules are readily adaptable and utilize mRNA vaccine technology for delivery to patients.

What more to know about Sunshine Biopharma (NASDAQ: SBFM, SBFM: US)?

The healthcare company is said to be working on developing COVID-19 treatment as well, and has reportedly finished the synthesis of four potential of PLpro and SBFM-PL4.

The company also collaborated with the University of Arizona on February 25 to expand its anti-coronavirus drug development program, it said.

Also read: ADGI and VIR: 2 health stocks as COVID cases rise in Canada

Financial overview of Sunshine Biopharma

Sunshine Biopharma reported revenue of US$ 0.22 million in fiscal 2021 against US$ 0.07 million a year ago. The Colorado company saw its net loss reach US$ 12.43 million in 2021 compared to US$ 2.78 million a year ago.

Its total assets amounted to US$ 2.2 million as of December 31, 2021, up from US$ 1.04 million a year ago. It has cash and cash equivalents of US$ 2.04 million at the end of December 2021 compared to US$ 0.98 million in 2020.

Sunshine Biopharma's stock performance

Sunshine Biopharma's stock was trading at US$ 5.38 per share at 10:42 AM EST on Tuesday in light of this news. The pharmaceutical stock rocketed by almost 207 per cent in the last one month. 

Also read: MDRN & NVAX: 2 COVID stocks as Canada plans to scrap pre-arrival test

Bottomline

Dr Steve Slilaty, Sunshine Biopharma's CEO, said that these new findings indicate the potential use of its mRNA, which could open a multi-billion-dollar global market opportunity for cancer treatment.

The company can see more growth if its COVID treatment solutions prove effective to tackle the COVID resurgence.