Biophytis SA (BPTS), a clinical-stage biotechnology company, closed Wednesday’s regular trading session at $2.60 after gaining an increase of 2.77% during the day. However, in the premarket, BPTS stock has plunged 16.15% and is trading at $2.18 at the time of the writing.
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BPTS announced Financial Results
The steep decline in the price of BPTS followed the announcement of financial results. Hours ago, BPTS has announced the results for the full year 2021. The company had cash and cash equivalents of €23.9 million at the end of the year. The financial loss amounted to €4.4 million during FY 2021, while the net loss was calculated to be €31.2 million for the year, while the basic and diluted net loss per share was €0.26.
What’s Cooking in Biotech Sector?
The biotech sector is considered to be the most mercurial sector in the market. After the onset of the pandemic, the sector saw a rush of investors, with some stocks multiplying many times over. From the start of 2020 to February 2021, biotech stocks saw a gigantic growth of approximately 80%. However, since then, the situation has been flipping. With the impacts of the pandemic subsiding, biotech stocks are seeing a selloff at a massive level. However, in the long term, the biotech sector’s importance is inerasable.
Sarconeos Related Developments
Since its IPO in February 2021, BPTS has seen a downward slide of more than 84%, the most prominent reason being the lack of any major development with regards to the development of Sarconeos (BIO101). Sarconeos is the leading drug candidate of the company which is aimed at the treatment of sarcopenia. Throughout the year, the company struggled to complete the clinical trial for Sarconeos (BIO101), which harmed the stock price.
Concluding Remarks
Market observers are of the view that the short-term investment in BPTS stock would not yield positive results for the investors. However, the ones playing the longer game are expected to achieve maximum returns from BPTS.
