Qualigen, Inc. (QLGN), a biotechnology company, has soared 108.80% in aftermarket trading session. Consequently, QLGN stock is trading at $2.61 at the time of the writing. On Monday, QLGN closed the day at $1.25 after surging 25.62% during regular trading hours. The constant surge could be attributed to the strong quarterly results.
Why QLGN Surging?
On 15th November, QLGN released the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated total revenue of $1.15 million during the quarter against $0.83 million for the same period of 2020. The total expenses bore by the company during the three months were $5.96 million against $4.55 million for the same period of 2020. The net loss suffered by the company during the period was $2.85 million (or $0.10 per basic and diluted share) against $8.11 million (or $0.41 per basic and diluted share) for the same period of 2020. The company had cash and cash equivalents of $12.31 million on 30th September 2021.
Executive Commentary
Michael S. Poirier, QLGN Chairman, CEO, and President, while commenting on the results said that the company is encouraged by what it believes to be a strong quarter, as there was a 38% year-over-year increase in revenue. He further said that the company would continue to be encouraged by this increase. He hoped that the developments in the therapeutics business would start paying the company more dividends in long run soon.
Publication Validating FastPack® IP Diagnostics Test
On 19th October, QLGN announced the publication of a study in the peer-reviewed journal, by the name of Diagnostics. The publication validated the Company’s point of care FastPack® IP diagnostics test as compared to a laboratory method that determined thyroid-stimulating hormone (TSH) levels in the blood. The study provided validation behind the evidence which supported the reliability of FastPack compared to laboratory tests.
Future Outlook for QLGN
Statistics reveal that during the last 12 months, QLGN stock has declined more than 50%. But keeping in view the more recent times, it appears that that stock is leaping forward, even though slowly. Analysts believe that QLGN stock’s recent performance could impart a significant influence upon potential investors to make investments in Qualigen.
