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Highlights
- The Sonnet (Nasdaq:SONN) stock surged 121.45% on Thursday morning.
- Coherus (Nasdaq:CHRS) revenue rose to US$87.6 million in Q2, 2021.
- Clinical trials of CHRS’s new anti-cancer drug showed positive results.
Sonnet bio Therapeutics Holdings Inc (Nasdaq:SONN) and Coherus Biosciences Inc (Nasdaq:CHRS) stocks were trending on Wall Street Thursday.
The Sonnet (SONN) stock jumped 121.45 percent to US$1.65 at 8.23 am ET, while Coherus (CHRS) stock surged 5.80 percent to US$14.96 at 8.40 am ET.
While there was no apparent reason for SONN’s sudden surge, CHRS gains may be attributed to the recent progress in its cancer drug.
We explore the recent performance of the two stocks here:
Sonnet bio Therapeutics Holdings Inc
The pharmaceutical company had US$6 million in liquidity reserves at the end of the third quarter, 2021. The stock declined by 66.59 percent YTD.
Sonnet released its Q3 earnings report on August 16. Its research and development expenses were US$3.9 million in Q3 compared to US$2.5 million in the same quarter the previous year. In addition, general administrative expenses were US$2.4 million compared to US$2.5 million in Q3 of 2020.
Also read: Four pharma stocks to watch this fall
Source: Pixabay.
Sonnet’s market cap is US$15 million, the EPS is US$-5.66, and the 52-week highest and the lowest stock prices was US$4.94 and US$0.73.
In addition, the biotechnology company is partnering with New Life Therapeutics to develop a diabetes treatment.
Coherus Biosciences Inc
On August 18, Coherus announced the phase 3 clinical trial results of its new lung cancer drug developed in partnership with Shanghai Junshi Biosciences Co Ltd.
Coherus’ market cap is US$1 billion, the forward P/E one year is -4.46, the EPS is US$-2.32, and the 52-week highest and the lowest stock price of the company was US$22.22 and US$12.21. The stock fell 18.64 percent YTD.
Also read: Check out these fastest-growing small-cap healthcare stocks
The total revenue of the biotechnology company in Q2, 2021, was US$87.6 million against US$135.7 million in Q2 the previous year. The gross profit of the healthcare company in Q2 this year was US$70.9 million against US$125.5 million in Q2 last year. The company incurred a net loss of US$29.9 million in Q2 this year, while it reported a net income of US$59 million in Q2 last year.
Bottomline
The biopharmaceutical companies Coherus Biosciences and Sonnet expect strong earnings in the next quarter. Besides, the overall healthcare sector is expected to receive a massive boost from the government’s fiscal stimuli.
