Shares of Longeveron Inc. (LGVN) Tumbles down under Market Corrections

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Longeveron Inc. (LGVN) fell by 19.62% in the aftermarket, at $34.00 at a volume of 4.32 million, from its last close of $42.30 on November 24. During the normal trading session, the stock gained a humungous 145.64% at a volume of 99.95 million. The after-market fall seems to be another profit booking event of the stock given the stock reached its new 52-week high on Wednesday. Intraday trading, the stock traded between $17.36 and $45.00, the higher value of which marked a new 52-week high for the stock. In the past five days, LGVN has gained 515.72%, making its one month’s gain 1,112.03%. Currently, the stock has a market capital of $808.8 million for its 3.42 million outstanding shares in the market.

Longeveron Inc. (LGVN)

Longeveron Inc. (LGVN) is a clinical-stage biotechnology company. It engages in the development of cellular therapies for specific aging-related and life-threatening conditions. The company is working on its lead product Lomecel-B, which is a cell-based therapy product.

The company was founded in 2014 and is currently headquartered in Miami, FL.

LGVN’s Movement and Reasons

LGVN stock had been going in a steady motion for some time before the company made its big announcement on November 18. On November 18, news came to light that the company’s lead product Lomecel-B has received FDA approval. As per the report, Lomecel-B received Rare Pediatric Disease (RPD) designation from FDA, for the treatment of HLHS. HLHS or Hypoplastic Left Heart Syndrome is a life-threatening condition in infants. This news proved to be very eventful in the stock’s timeline. Following the announcement, the stock began a hike and had been on an uptrend since.

While the stock did see occasional and small profit booking events from its ongoing gains, on the whole, it has been moving up to reach its new 52-week high. After reaching its new high of $45.00 on November 24, the LGVN stock has entered market corrections once again. Profit bookers seem to be enjoying the gains from the stock’s huge strides upwards.

Q3 Financial Highlights

On November 11, Longeveron Inc. (LGVN) declared its financial results for the quarter ended September 30, 2021. According to the third quarter financials of 2021, the company had revenue of $0.2 million. While the revenues were $1.8 million in the third quarter of 2020.

Further, LGVN endured a net loss of $4.9 million or $0.25 per share in the third quarter of 2021. While the net loss was $0.9 million or $0.06 per share in the third quarter of 2020.

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