Northwest Biotherapeutics (NWBO) Stock Consolidates After the Recent rally: What to Expect Now?
The past few months have been fairly prosperous for many biotech companies, and many of the companies in this sector have seen their stocks record significant gains. One of the companies which have been in the focus of investors for quite some time is Northwest Biotherapeutics, Inc (OTCMKTS:NWBO).
Stock Doubles in 6 Weeks
The company has seen its stock rise by as much as 100% since the middle of May and considering the state of the market during the period, and it is a highly impressive performance. Hence, it could be worthwhile for investors to take a much closer look at the recent developments surrounding the company and then make a decision.
The best way to gauge the situation is perhaps by going through the latest quarterly reports from Northwest. The company released first-quarter financial results last Wednesday and managed to actually generate a net income of $2.7 million. This constitutes a major turnaround from the company considering the fact that in the prior-year period, it had made a loss. The net income worked out to earnings of less than a cent a share. While that may not be substantial, it still represents a turnaround. The cancer medicine developer managed to generate revenues of $570000 during the quarter.
Back in April, the company had announced that the Phase 3 clinical trial of its brain cancer product DCVax-L was on the verge of completion. The company had said at the time that it was on track to hit the necessary number of death events that would help it reach an endpoint by May.
However, more importantly, Northwest had also announced that the top-line data is going to be made available by June or at some point in early July. This is a major development for the company considering the fact that investors have been waiting for as long as 14 years for the findings of DCVax-L.
Bullish investors have pointed to the fact that interim analyses conducted in 2017 and 2018 revealed that the median survival rates for patients stood at 23.1 months. Hence, DCVax-L compared quite favorably to historical tests. Earlier on in June, the Northwest actually provided an update with regards to the projected timing of the data lock for the Phase 3 clinical trial of DCVax-L.
Northwest also announced that the final data collection procedure has been steady in its progress, although it has had to face challenges due to the chaos unleashed by the coronavirus pandemic. The company did state that the coronavirus pandemic did have an impact on almost all aspects of the process. At the time, the company had announced that the entire process could conclude by the middle of June or sometime after that.
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