Cumberland Pharmaceuticals Inc. (CPIX) went up by a staggering 115.91% in the aftermarket, at $4.75 on November 29. The after-hours saw a very active volume of 18.44 million, almost the same as the normal trading session on Monday. In the previous market session, the stock lost 0.90%, at the closing value of $2.20, with 18.46 million shares exchanging. The day’s range for the stock varied from $2.20 to $2.50, while it saw a high of $3.94 and a low of $2.20 in the previous 52 weeks. Hence, CPIX broke out of its 52-week range to reach a new high of $4.75 in the after-hours on Monday. Further, the stock has lost over 3% in the past five days and 15.71% last month. While the year-to-date loss for the stock stands at 25.42%. Currently, the 14.81 million outstanding shares of the stock trade at market capital of $33.02 million.
The current bullishness in the stock happened after the company announced new FDA approval of its drug.
Cumberland Pharmaceuticals Inc. (CPIX) is a pharmaceutical company that engages in the acquisition, development, and commercialization of prescription drugs.
FDA Approval
On November 29, Cumberland Pharmaceuticals Inc. (CPIX) announced that its Caldolor® has been approved by FDA for pre-operative administration. Caldolor® is a non-narcotic pain reliever, which is an intravenous formulation of ibuprofen. As per research, when administered before surgery, Caldolor® significantly reduces the post-op pain intensity. Caldolor® proved to be much efficient in pain reduction for up to 24hrs after surgery as compared to placebo, during the study. Hence, admiration of Caldolor® decreases the use of opioids.
Previously, CPIX’s Caldolor® was FDA approved therapy for fever, but the new data and approval have expanded its labeling.
CPIX’s Financials
On November 9, Cumberland Pharmaceuticals Inc. (CPIX) announced its financial results for the quarter ended September 30, 2021. As per the third quarter of 2021, the net revenues were $8.1 million, against $9.3 million in Q3 2020. Moreover, due to divested rights to products that are no longer under distribution by the company, an additional $0.5 million was generated in revenue.
Further, the third quarter of 2021, saw a net loss of $1.1 million compared to $0.5 million in the same quarter of 2020. Consequently, the net loss per share was $0.07 in Q3 2021, against $0.03 in the third quarter of 2020.
As of September 30, 2021, CPIX had total assets worth $87.6 million.
