Turnstone Biologics (NASDAQ:TSBX) stock is falling on Thursday following the release of the clinical-stage biotechnology company’s earnings report.
The bad news pulling TSBX stock down today is the company’s diluted earnings per share of -92 cents. That’s worse than the -81 cents per share Wall Street was expecting, even if it’s an improvement over the -$7.56 per share from the same period of the year prior.
Turnstone Biologics notes that its cash and cash equivalents at the end of Q2 were $62.4 million. The company says that this should allow it to continue operations through the third quarter of 2025.
Sammy Farah, president and CEO of Turnstone Biologics, said the following in the earnings report:
“We have continued to bolster our position by making advances across our pipeline and corporate operations in the second quarter of 2024. This includes the reporting of encouraging initial data from our Phase 1 trial of TIDAL-01 in patients with metastatic colorectal cancer.”
TSBX Stock Movement Today
Today’s earnings news brought heavy trading of TSBX stock on Thursday morning. As of this writing, more than 178,000 shares of the stock had changed hands, which is already above its daily average trading volume of about 124,000 shares.
TSBX stock is down 37.9% as of Thursday morning. When markets closed yesterday, it was also down 15.8% year-to-date.
Below are more stock market stories traders will want to read!
We have all of the hottest stock market news ready for Thursday! A few examples include what’s going on with shares of SciSparc (NASDAQ:SPRC) and VS Media (NASDAQ:VSME) stock, as well as the biggest pre-market stock movers this morning. All of this info is ready to go at the links below!
More Thursday Stock Market News
- Why Is SciSparc (SPRC) Stock Up 94% Today?
- Why Is VS Media (VSME) Stock Up 86% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
