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!
We have all of the latest stock market news traders need to know about on Wednesday! Among that is what has shares of Digital Ally (NASDAQ:DGLY) stock up, the biggest pre-market stock movers this morning and more. All of this info is ready to go at the links below!
More Stock Market News for Wednesday
- Why Is Digital Ally (DGLY) Stock Up 82% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- Cisco Layoffs 2024: What to Know About the Latest Job Cuts at CSCO
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.