Qualigen (QLGN) stock jumped 32% Tuesday – Is it worth the price?

November 23, 2021 11:27 AM PST | By Versha Jain

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Qualigen (QLGN) stock jumped 32% Tuesday – Is it worth the price? — Image source: PopTika,Shutterstock

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Highlights

Qualigen Therapeutics, Inc. (NASDAQ:QLGN) soared 32% in intraday trading on Tuesday.

Its third-quarter revenue rose to US$US$1.16 million compared to a net loss of US$8.11 million a year ago.

The company develops novel therapeutic products using nanoparticle coating technology for treating infectious diseases and cancer.

The shares of Qualigen Therapeutics, Inc. (NASDAQ:QLGN) jumped more than 32% in intraday trading on Tuesday. The QLGN stock was up 32.70% to US$1.6588 at 10:49 am ET.

The stock has been rallying since Nov 19, leaving many traders pleasantly surprised over the gains, although there had been no recent news from the company.

It is a significant development for the fans of the QLGN stock since its price has been falling this year. The QGLN shares fell 44.52% YTD but gained 17% in the last five days.

Analysts estimate its one-year price target at US$9.00.

The Carlsbad, California-based biotechnology company declared its third-quarter results on Nov 15, 2021. The company develops novel therapeutic products using nanoparticle coating technology to treat infectious diseases and cancer.

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Biotechnology company Qualigen Therapeutics, Inc. <a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/us/companies/nasdaq-qlgn' href='https://kalkinemedia.com/us/companies/nasdaq-qlgn'>(NASDAQ:QLGN)</a>: Trending healthcare stock.

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Third-quarter performance

For the three months ended September 30, 2021, QGLN posted revenue of US$1.16 million compared to US$0.837 million for the third quarter of 2020. It booked a net loss of US$2.86 million or US$(0.10) per share diluted, compared to a net loss of US$8.11 million or US$(0.41) per share diluted for the comparable quarter in the previous year.

The net loss per share diluted was less in Q3 at US$(0.10) against a net loss per share diluted of US$(0.41) for the nine months ended September 30, 2021.

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The company reported a 38% increase in Q3, 2021 revenue, YoY, and a 30% increase in revenue in the nine months YoY.

The cash and cash equivalents were US$12.3 million for the nine months ended on September 30, 2021, while it was US$14.47 million for the nine months ended September 30, 2020.

The healthcare company has a market capitalization of US$47 million. The QGLN stock traded in the range of US$4.66 to US$0.93 in the last 52 weeks.

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Bottomline

The Nasdaq Biotechnology Index (NBI) declined 1.15% YTD and fell around 2.5% in the last five days. At the same time, QGLN stock fell 44.52% YTD but gained 17% in the last five days. However, investors must check the company fundamentals before investing in stocks.

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