Humanigen, Inc. (HGEN) announced positive phase 3 Topline results of lenzilumab, humanized monoclonal antibody, after which the HGEN stock price saw a surge of 45.42% today’s session to reach $20.34 a share as of this writing. HGEN stock was also green in the previous trading session and at closing, it was up by 1.67% with a $13.99 per share price. Let’s understand more about today’s HGEN news.
A deep look at Clinical Results.
Humanigen was performing a phase three clinical trial of lenzilumab for the past couple of months. The study was based on the evaluation of efficacy and safety results of lenzilumab in the hospitalized patients suffering from COVID-19. According to the phase three results, the patients who had received lenzilumab along with steroids or remdesivir were more likely to survive without the use of invasive mechanical ventilation (IMV) as compared to the patients who did not receive the lenzilumab.HGEN was happy to see these results.
Mayo Clinic was the part of this study and Zelalem Temesgen, MD, who is a professor at Mayo Clinic, was serving as the Principal investigator of this trial. According to him, lenzilumab proved to be much effective in its results as it significantly reduced the chances of one’s going on a ventilator. Andrew Badley, MD, a professor of Infectious Diseases, showed much excitement about these results. He said that lenzilumab would be an important part of Mayo Clinic in future trials if it gets approval from U.S. Food and Drug Administration.
Next Goal of Humanigen, Inc.
After getting exceptional results in phase three clinical trial of lenzilumab, Humanigen’s management is planning to apply for the grant of getting Emergency Use Authorization(EUA) by the Food and Drug Administration. Humanigen also sharing these results with different governmental agencies of the U.S as well as authorities of many countries in the globe.
Financial View of HGEN stock
On March 10, 2021, Humanigen stock announced its fourth quarter and fiscal year 2020 results according to which HGEN stock recorded the net loss of $89.5 million or $2.42 per share in 2020 as compared to a net loss of $10.3 million or $0.46 per share in 2019. This increase was mainly due to a massive increase in the research and development expenses in 2020. The R&D expenses for 2020 were $72.7 million while these were just $2.6 million in 2019. $67.7 million of cash and cash equivalents were recorded at the end of 2020.
Considering the market sentiment, HGEN stock is in a good position as investors are responding to the news announced by Humanigen, Inc.Positive results of the phase three study would prove to be fruitful for the HGEN stock in the future. Recent earnings report shows that Humanigen has progressed over the year. Hence HGEN stock can be a good bet in the long run.