Why Compugen Stock Crumbled Today
Stocks in the ever-volatile biotech sector have many ups and downs, and Monday wasn't one of the ups for Compugen (NASDAQ: CGEN). The cancer treatment developer published its latest set of quarterly results, and investors showed their displeasure by trading the company's shares down by over 9%.
Before market open, Compugen presented its third-quarter figures. These showed that the biotech, which has not yet won approval for any of its products, booked a net loss of $11.7 million ($0.14 per share) for the period, which was substantially deeper than the $6.2 million deficit in the same quarter of 2021.
Cash and equivalents, meanwhile, fell to just over $88 million from the year-ago figure of nearly $118 million. Compugen said this should provide it with a cash runway sufficient to carry it through the end of 2024, at least.
Source Fool.com
