Here is why CohBar Inc. (CWBR) stock surged in the after-hours on Tuesday?

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CohBar Inc. (CWBR) shares surged 3.88% in after-hours on Tuesday, August 10, 2021, and closed the daily trading at $1.34. In the regular trading session on Tuesday, CWBR’s stock price remained unchanged. The stock volume remained at 2.04 million shares, which was higher than the average daily volume of 0.63 million shares within the past 50 days. CWBR shares have fallen 29.89% over the last 12 months, and they have moved up 7.50% in the past week. Over the past three months, the stock has gained 4.88%, while over the past six months, it has declined 31.02%.

Let’s see what are the latest news about the company?

CWBR recent financial results announcement

On August 10, 2021, CohBar, Inc (CWBR) reported its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • CWBR earned no revenue in Q2 2021 and Q2 2020.
  • Research and development expenses were $2.6 million in Q2 2021 compared to $1.5 million in the prior-year quarter.
  • General and administrative expenses were $2.6 million in Q2 2021 compared to $1.4 million in Q2 2020.
  • It suffered a net loss of $5.2 million, or $0.08 per basic and diluted share in Q2 2021 compared to$4.1 million, or $0.09 per basic and diluted share in Q2 2020.
  • As of June 30, 2021, CohBar had cash and investments of $13.8 million compared to $21 million as of December 31, 2020.

Topline results of CB4211 clinical study

On August 10, 2021, CohBar, Inc (CWBR), reported topline results from the multi-centre, randomized, double-blind, placebo-controlled Phase 1a/1b clinical study of CB4211, under development for nonalcoholic steatohepatitis (NASH) and obesity. The study met its primary endpoint showing that CB4211 was well-tolerated and appeared safe with no serious adverse events. Evaluation of the exploratory pharmacodynamic endpoints from the Phase 1b stage of the study comparing CB4211 to placebo demonstrated robust and significant reductions in key biomarkers of liver damage, ALT and AST, a significant decrease in glucose levels, and a trend towards lower body weight after four weeks of treatment. Both the CB4211 and placebo groups had substantial reductions in liver fat content compared to baseline.

CWBR Participation in the investor conference

CohBar, Inc (CWBR) recently participated in the BIO 2021 Digital Conference, which was held on June 14 – 18, 2021. The corporate overview of the company was presented by its Chief Executive Officer Dr. Joseph Sarret.

CWBR Q1 2021 financial results announcement

On May 17, 2021, CohBar, Inc (CWBR) released its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • CWBR earned no revenue in Q1 2021.
  • Research and development expenses were $2.7 million in Q1 2021 compared to $1.5 million inQ1 2020.
  • General and administrative expenses were $1.4 million in Q1 2021 compared to $1.8 million in the prior-year quarter.
  • It reported a net loss of $4.0 million, or $0.07 per basic and diluted share in Q1 2021 compared to a net loss of $4.2 million, or $0.10 per basic and diluted share.

Conclusion

The company announced its topline results for the clinical trial of CB4211 yesterday due to which its stock went up on Tuesday. We don’t think so that financial results were the reason behind its gains on Tuesday.

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