Curis, Inc. (NASDAQ: CRIS) is having an overwhelmingly strong start to the trading session in the pre-market hours this morning, and for good reason. The company reported its earnings, blowing away expectations and sending the stock screaming for the top. Today, we’ll talk about what we saw from earnings, what we’re seeing from the stock, and what we’ll be watching for with regard to CRIS ahead.
CRIS Blows Away Earnings Expectations
As mentioned above, Curis is having an incredibly strong start to the trading session this morning after the company reported its earnings. In a press release issued less than an hour ago, the company proved that it produced better than analysts expected in the fourth quarter. Here’s what we saw from the report:
- Earnings Per Share – In terms of earnings per share, CRIS did overwhelmingly well. For the full year, the company reported a net loss of $53.3 million, which works out to a loss of $0.36 per share. That figure showed incredible growth over the loss of $60.4 million one year ago, which worked out to a loss of $0.45 per share. On an quarterly basis, the loss came in at $8.0 million, which equates to $0.05 per share. Not only did this blow away analyst expectations of a $0.09 per share loss, it shows strong YOY growth from a loss of $0.08 per share.
- Revenue – CRIS also did overwhelmingly well when it comes to revenue. For the full year, the company reported revenue in the amount of $9.9 million, showing incredible growth over $7.5 million in the year before. For the quarter, the revenue came in at $3.3 million, showing strong year over year growth from $2.4 million.
In a statement, Ali Fattaey, Ph.D., CEO at CRIS, had the following to offer:
2017 exemplified Curis’s business strategy, marking the Company’s first time with three anti-cancer drug candidates in clinical development… We are excited about CUDC-907 treatment providing durable responses in nearly 1 in 4 DLBCL patients whose cancers have MYC alterations. We are working closely with regulatory authorities to define a pivotal path to register CUDC-907 in this patient population, which has no viable treatment options.
Our progress with testing CA-170, the first and only oral small molecule checkpoint inhibitor, has now extended beyond the Phase 1 trial, with our partner Aurigene having initiated a Phase 2 trial in India. This will greatly accelerate access to select populations of patients that have not experienced prior immunotherapy.
As noted, with initiation of patient enrollment in CA-4948’s Phase 1 lymphoma study, for the first time, Curis has 3 different cancer drugs in clinical testing at the same time. We are excited about the prospects for these drugs and their value to Curis’s success in 2018.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In this particular case, the news was overwhelmingly positive. Not only did Curis blow away expectations for the fourth quarter, the company reminded investors of the 3 pipeline candidates currently in clinical studies and likely to lead to catalysts ahead. So, it’s no surprise to see that the stock is flying. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:11), CRIS is trading at $0.64 per share after a gain of $0.07 per share or 12.70% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CRIS. In particular, we’re interested in following Erivedge sales as this is the primary source of income for the company at the moment. However, we’re also watching the development of the company’s pipeline incredibly closely. With so many trials in place at the same time, we could see several catalystic events in the year ahead. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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