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Tuesday, October 27, 2020

Cerecor Inc (NASDAQ:CERC) Trying To Hold Suddon Gains

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Cerecor Inc (NASDAQ:CERC) has seen more than a 120% increase since the beginning of the month. The lift in price and action comes on no real substantial news. This clinical stage biopharma company is working on a treatment for depression that has had some setbacks. CERC released some strong findings from a new small study back in early May, but nothing this month, so this could mean that something is on the horizon.

The company’s main drug is an oral KOR antagoonist, which are proven to play a role in mood and addiction. CERC-501 has been observed to have activity in animal models of depression, substance withdrawal and dependence, and it has been generally well-tolerated in five human clinical trials.

Cerecor Inc (NASDAQ:CERC) reported their financials last month and the stock lifted on the news. There is a short breakdown here below.

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CERC reported a net loss of $2.0 million, or $0.19 per share, for the first quarter of 2017, compared to a net loss of $5.1 million, or $0.59 per share, for the first quarter of 2016.

Grant revenue was $0.4 million for the first quarter of 2017 and consisted primarily of revenue earned from our research and development grant awarded by the National Institute on Alcohol Abuse and Alcoholism at the National Institutes of Health (the “NIAAA Grant”). This grant provides us with additional resources to continue the development of CERC-501 for the treatment of alcohol use disorder. The Company did not have grant revenue for the first quarter of 2016 as grants were awarded later in 2016.

Research and development expenses decreased to $1.0 million for the first quarter of 2017, compared to $2.3 million for the first quarter of 2016. This decrease was driven primarily by the completion development of our Phase 2 clinical trials for CERC-301 and CERC-501 in late 2016.

General and administrative expenditures decreased to $1.3 million for the first quarter of 2017, compared to $2.6 million for the first quarter of 2016. This decrease was driven primarily by a reduction in executive salaries during the first quarter of 2017 and stock compensation expense of $0.6 million related to modification of stock grants in the first quarter of 2016.

As of March 31, 2017, cash and cash equivalents were $3.0 million and current liabilities were $2.7 million. On April 27, 2017, we sold additional shares of our common and preferred stock under a stock purchase agreement with Armistice Capital for gross proceeds of $5.0 million.

Cerecor Inc (NASDAQ:CERC) has a $45.07 million market cap with a little over 14 million shares outstanding. CERC took a serious tumble before the end of the year after its drug did not reach its expected endpoint – it was trading over $5 beforehand. Biotech stocks can rise and fall easily and the market can often overreact to drug trials (not saying that is what happened here), but we will have to wait and see what is brewing here for CERC. For continuing coverage on shares of $CERC stock, as well as our other breakout stock picks, sign up for our free newsletter today and get our next hot stock pick!

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