Why Cyclerion Therapeutics Inc. (CYCN) Plunged Down in the After-Market?

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Cyclerion Therapeutics Inc. (CYCN) went down by 6.79% in the after-market at $2.47, against $2.65 at its last close on November 24. After gaining 22.12% in the previous trading session, CYCN seems to be in market corrections due to profit booking. Intraday trading, the stock went up from $2.10 to $2.95 at a volume of 3.93 million. The volume of the day was 954% of the 65-day average of 412.22 thousand. In the 52-week range, the stock has seen a low of $2.08 and a high of $6.90. In the previous five days, the CYCN stock gained 4.74%, while it lost 13.11% in the last three months. Moreover, the stock has lost 17.96% in the past year. Currently, the stock’s 43.32 million outstanding shares trade at a market capital of $114.79 million in the market.

Given the stock’s decline over the one-year period, the recent gain in the stock seemed to be a good opportunity for profit bookers.

Cyclerion Therapeutics Inc. (CYCN)

Incorporated in 2018, Cyclerion Therapeutics Inc. (CYCN) is a clinical-stage biopharmaceutical company. The company discovers, develops, and commercializes medicines for serious central nervous system (CNS) diseases. It is currently developing treatments for Alzheimer’s diseases, sickle cell disease, diabetic nephropathy, and heart failure.

Cyclerion Therapeutics Inc. (CYCN) is headquartered in Cambridge, Massachusetts.

Third Quarter Financials

On November 09, Cyclerion announced its financial results for the quarter ended September 30, 2021. As per the third quarter of 2021, the company’s research and development expenses were $7.0 million approximately. While the R&D expenses were $13.7 million approx. in the third quarter of 2020. The decrease of $6.7 million was due to various reasons like decreases in salaries and employee-related expenses, a decrease in operating costs, and completion of studies.

Moreover, CYCN’s general and administrative expenses were $4.6 million approx. in the third quarter of 2021. While the general and administrative expenses in the Q3 of 2020, were $8.0 million. This decrease of $3.4 million had almost similar factors as the above-mentioned factors for the decrease in R&D expenses except for study completion.

Further, the company had a net loss of $11.3 million in Q3 2021, against $18.8 million in the third quarter of 2020. In addition, CYCN ended the third quarter of 2021, with cash and cash equivalents of $63 million, against $70 million in the previous quarter.

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