Share of the CGEN stock surged in the current market trading following the announcement of collaboration expansion with Bristol Myers. CGEN stock price saw a push of 12.25% to reach $7.06 a share as of this writing. The stock was gloomy in the previous trade and went down by 2.33% at closing. Let’s take a closer look at this stock.
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What’s Happening?
CGEN stock today reported the completion of a $20 million investment in Compugen by Bristol Myers Squibb for the issuance of 2,332,815 shares of CGEN stock. The per-share price under this consideration was $8.57333 which represents a 33% premium over the closing price on November 9, 2021.
A joint committee has been established to handle the strategic oversight and guidance for the programs that will run under the collaboration between two companies. Furthermore, the joint development committee will handle the operations under this collaboration. This collaboration will be beneficial for both companies as it will strengthen the relationship between them and fulfill the goal of bringing innovative therapies for cancer patients through conducting clinical trials.
Previous Development of CGEN stock:
On October 4, 2021, CGEN stock did announce the milestone payment of $6 million from AstraZeneca in connection with the dosing of the first patient in a Phase 1/2 study. The study evaluated the AZD2936 which is the TIGIT/PD-1 bispecific antibody in patients suffering from metastatic non-small cell lung cancer.
CGEN stock in 2018 signed the license agreement with AstraZeneca under which AstraZeneca got the license to use monospecific antibodies including COM902 of the Compugen stock in order to develop bispecific and multi-specific antibodies.
Financial View of CGEN stock:
In the second quarter of 2021, CGEN stock spent $6.8 million in research and development expenses compared to $4.4 million in the same period of the previous year. General and administrative expenses also increased to reach $2.7 million from $2.1 million in the same period of the previous year. The company suffered a net loss of $9.5 million, or $0.11 per basic and diluted share in the second quarter of 2021. By the end of the quarter, the company had $111 million in cash, cash-related accounts, and short as well as long-term bank deposits.
Wrap Up:
CGEN stock has captivated the attention of investors in the stock market after the announcement of collaboration expansion with Bristol Myers. The stock has lost almost 51% year to date.
