Cyteir Therapeutics, Inc. (CYT) stock soared 3.47% in the current market trading session at the price of $17.59 despite no fundamental reason. CYT is an oncology company that discovers and manufactures synthetically lethal therapeutics for cancer treatment.
CYT Stock Joined Russell 2000 Index
On 20th September 2021, CYT had joined the Russell 2000 Index as a member of the 2021 Russell indexes reconstitution. The inclusion became effective on 20th September 2021. After joining, the company will get automatic inclusion in the growth and value indexes. The membership in the Russell Index will remain effective for one year. Russell indexes are used by investors and investment managers as benchmarks for investment strategies. About $10.6 trillion in assets had benchmarked against Russell’s Indexes.
Management Comments
Chief Executive Officer of CYT, Markus Renschler, remarked that they are pleased to join the Russell 2000 Index. The company is focused on the development and commercialization of its synthetically lethal therapeutics to treat cancer patients, he added.
CYT Stock Second Quarter 2021 Financial Results
On 9th August 2021, CYT stock announced its financial results for the second quarter ended 30th June 2021, and provided business highlights.
Financial Highlights
CYT stock reported cash and cash equivalents of $198.6 million for the second quarter ended 30th June 2021. Research and development expenses were approximately $8.9 million for the second quarter ended 30th June 2021. R&D expenses totaled $3.6 million for the same quarter of the previous year. For the second quarter of 2021, general and administrative expenses were $2.4 million. G&A expenses were $0.9 million for the second quarter ended 30th June 2020. CYT reported a net loss of $11.3 million, or $4.83 per share, for the second quarter of 2021. For the second quarter of 2020, net loss was $4.5 million, or $3.18 per share.
Management Comments
Markus Renschler remarked that the successful completion of their IPO had enabled them to advance the mid-stage clinical development of their drug candidates. It has placed them in a leading position to develop their CYT-0851 and improve their DNA damage response. The company will keep enrolling patients in their Phase 1/2 clinical trial for CYT-0851. They look ahead to nominating new drug candidates in the coming years. He thanked the CYT team for its commitment and exceptional performance.
