Alaunos Therapeutics (NASDAQ:TCRT) stock is heading higher on Tuesday following the release of the clinical-stage oncology-focused cell therapy company’s third-quarter earnings report.
The Alaunos Therapeutics earnings report starts with earnings per share of -4 cents. That’s slightly worse than the -3 cents per share Wall Street was expecting. Investors will also note that it matches what was reported in the third quarter of 2022.
Additionally, revenue for the quarter was flat, which matches what experts were expecting from the company. One thing worth mentioning is the company reported revenue of $2.9 million in the same period of the year prior. This time, the lack of revenue is due to what was earned from the Solasia License and Collaboration Agreement in 2022 not recurring.
TCRT Stock Business Update
Alaunos Therapeutics also provided investors with an update on its business in the third quarter of 2023. That includes the company continuing to seek out strategic alternatives.
As part of that process, Alaunos Therapeutics is undergoing a restructuring to save money. This has resulted in it laying off about 80% of its employees. The company notes this resulted in $400,000 in restructuring charges in Q3.
With this earnings release comes heavy trading of TCRT stock. As of this writing, over 21 million shares have changed hands. That’s well above its daily average trading volume of about 3 million shares.
TCRT stock is up 13.8% as of Tuesday morning.
Investors will want to keep reading for more of the most recent stock market news.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
