On Yesterday, PhaseBio Pharmaceuticals Inc (NASDAQ: PHAS) has shown increased move of 0.97% and ended the last trade at $4.16. The shares recorded trading volume 139.16K shares as compared to its average volume of 325.13K shares. (PHAS) 28.98MM shares outstanding and market value of $120.56M.
The average true range of PhaseBio Pharmaceuticals, Inc.’s (PHAS) is recorded at 0.39 and the relative strength index of the stock stands 42.49. The stock price is going above to its 52 week low with 63.14% and lagging behind from its 52 week high with -75.02%. Analyst recommendation for this stock stands at 1.50. A look on the firm performance, its monthly performance is -2.80% and a quarterly performance of -55.65%. The stock price is trading downbeat from its 200 days moving average with -47.19% and down from 50 days moving average with -26.60%.
PhaseBio Pharmaceuticals Inc (NASDAQ: PHAS), recently stated financial results for the second quarter ended June 30, 2019 and provided a corporate update.
Cash Position
Cash and cash equivalents at June 30, 2019 were $90.3M, contrast to $61.0M at December 31, 2018. The increase primarily reflects proceeds from the underwritten public offering of ordinary stock completed in April, partially offset by cash used in operating activities.
Results of Operations
PhaseBio stated a net loss of $9.2M for the three months ended June 30, 2019, contrast with a net loss of $6.7M for the same period in 2018. This resulted in a net loss of $0.33 per share for the three months ended June 30, 2019, contrast to a net loss of $8.95 per share for the corresponding period in 2018, on both a basic and diluted basis.
Grant revenue was $0.2M for the three months ended June 30, 2019, as PhaseBio incurred allowable costs qualifying for reimbursement under the government grants. PhaseBio did not record any grant revenue for the three months ended June 30, 2018.
Revenue under collaborative contracts was $0.5M for the three months ended June 30, 2019 and related to the contract with ImmunoForge. PhaseBio did not record any revenue under collaborative contracts for the three months ended June 30, 2018.
Research and development expense increased to $7.8M for the three months ended June 30, 2019, as contrast to $3.2M for the three months ended June 30, 2018, reflecting increased costs associated with preclinical and clinical development activities largely related to PB2452 and increased personnel costs.
General and administrative expense increased to $2.4M for the three months ended June 30, 2019, contrast to $0.9M for the three months ended June 30, 2018, primarily attributable to increases in professional services including legal, marketing and other consulting services, personnel expense Because of additional headcount and expenses associated with being a public company.
