Virpax Pharmaceuticals (NASDAQ:VRPX) stock is down on Wednesday as the preclinical-stage pharmaceutical company’s lackluster quarterly earnings report yesterday continues to weigh on its shares today.
Considering the stage of the company’s drug development pipeline, its lack of revenue for the quarter makes sense. However, investors didn’t seem pleased with its earnings per share of -$2.75 for the period.
Investors will also note that Virpax Pharmaceuticals reported growing operating losses during the quarter. That came in at -$3.2 million in Q1 2024, as compared to the -$1.5 million reported in the same period of the year prior.
Virpax Pharmaceuticals CEO Gerald Bruce said the following in the earnings report:
“We are advancing our product candidates while identifying and applying for additional grants as well as pursuing licensing opportunities and engaging in discussions with interested parties. While there are no guarantees that we will be successful, we are encouraged with the ongoing level of interest and activity.”
Recent VRPX Stock Movement
When Virpax Pharmaceuticals reported these results yesterday, the company’s shares started to fall. That saw it close out Tuesday down 19.9% with some 107,000 shares traded. Its daily average trading volume is below that at roughly 28,800 shares.
VRPX stock continues to drop on Wednesday, with shares down 60.7% this morning. That comes alongside some 358,000 shares traded.
Below are more stock market stories worth reading!
We have all of the hottest stock market news available on Wednesday! A few examples include what’s sending shares of Sintx Technologies (NASDAQ:SINT) and Faraday Future (NASDAQ:FFIE) stock higher, as well as the biggest pre-market stock movers this morning. All of that news is available at the following links!
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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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.
