Find out why these biotechnology firms surpassed market gains

October 20, 2023 03:06 AM PDT | By Akanksha Vashisht
Follow us on Google News:


  • The Nasdaq composite index fell by 1% on Thursday.
  • Cidara Therapeutics Inc. reported a revenue of US$7.6 million for Q2 2023.
  • INmune Bio Inc. reported a net loss attributed to common stockholders of around US$6.5 million.

Biotechnology firms are generally recognized for their continuous innovation and growth trajectory. These companies generally work on cutting-edge technologies, offering substantial growth potential.

They also tackle critical health issues, making a positive impact on the healthcare sector. Another advantage offered by biotech companies is portfolio diversification. Biotech investments can diversify one’s portfolio, as they often operate independently of broader market trends.

ALSO READ: Two financial stocks to examine as the sector beats the S&P 500

However, these stocks may come with high volatility and risks. With that, let us look at two biotechnology stocks that have outperformed the market on Thursday.

Cidara Therapeutics Inc. (NASDAQ: CDTX)

Cidara Therapeutics Inc is a biotechnology firm with a primary focus on researching, creating, and marketing new anti-infective solutions to combat and safeguard against diseases.

CDTX rose 1.78% on Thursday, beating Nasdaq composite index’s performance for the day. The broader market index, the Nasdaq composite, fell by less than 1% on Thursday.

CDTX Price Chart; Powered By: TradingView

On October 13, 2023, Cidara revealed that a committee within the European Medicines Agency has issued a favorable stance on the company’s invasive candidiasis treatment drug.

The company earned US$7.6 million and US$33.6 million in revenue for the three and six months ending on June 30, 2023, respectively. This compares to US$6.2 million and US$13.3 million for the same periods in 2022.

As of June 30, 2023, Cidara had US$50.4 million in cash, cash equivalents. The net loss for the June 2023 quarter was US$12.4 million, which is a decrease from the net loss of US$13.1 million in the June 2022 quarter. 

ALSO READ: Two NYSE-listed stocks with over 9% dividend yield

INmune Bio Inc. (NASDAQ: INMB)

INmune Bio Inc., a clinical stage biotechnology firm, has primary focus on creating novel immunotherapies designed to reset a patient's immune system, enabling it to combat cancer.

On Thursday, INMB was 0.54% higher at the close of trade. The company introduced Recent Biomarker and Feasibility Findings from phase 1b trial endorsing its Alzheimer's Disease treatment at the clinical trials on Alzheimer's Disease (CTAD) Conference.

INMB Price Chart; Powered By: TradingView

As per the release, dated October 17, 2023, the treatment indicated some positive results towards the treatment of the disease. For Q2 2023, INmune reported net loss attributed to common stockholders of around US$6.5 million, in contrast to US$6.8 million for the June 2022 quarter.  

In Q2 2023, the R&D costs came to about US$4.1 million, falling from US$4.2 million in Q2 2022. General and administrative expenditures were roughly US$2.3 million for Q2 2023, as opposed to approximately US$2.2 million for Q2 2022. 


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Top Listed Companies