Viracta Therapeutics (NASDAQ:VIRX) stock is heading higher on Wednesday after the clinical-stage precision oncology company released its second-quarter earnings report.
The first bit of news boosting VIRX stock higher is its diluted earnings per share of -25 cents. That’s better than the -37 cents per share Wall Street was predicting. It’s also an improvement over the company’s EPS of -32 cents from the same period of the year prior.
Viracta Therapeutics notes that the improvement in its EPS comes from a $5 million of other income. This is related to the monetization of a pre-commercialization, event-based milestone from Day One Biopharmaceuticals (NASDAQ:DAWN).
Updates for VIRX Stock Investors
The latest earnings report also includes business updates for investors, including Michael Faerm’s appointment as the company’s Chief Financial Officer.
Another bit of news from the earnings report includes the company switching focus to its more advanced EBV+ lymphoma. This has it pausing its EBV+ solid tumor program. As a result of this, the company has laid off 23% of its workforce.
VIRX stock is up 41.7% as of Wednesday morning. That comes with more than 9 million shares changing hands. This is above its daily average trading volume of about 112,000 shares.
Investors will want to stick around for even more of the most recent stock market stories today!
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
