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Tuesday, May 30, 2023

Can-Fite BioPharma Ltd. (CANF) Stock on a Slide After a Robust Monday, Here’s Why

Can-Fite BioPharma Ltd. (CANF), a clinical-stage biopharmaceutical company, has plunged 13.49% during the aftermarket trading session. As a result, CANF stock is trading at $1.86 at the time of the writing. The decline could be attributed to the profit-taking factor after CANF rocketed 69.29% during Monday’s regular trading session and closed the day at $2.15. The surge has come after the company announced the exercise of warrants for the cash proceeds.

Why CANF Rising?

On Monday, CANF announced an agreement by a health-care focused institutional investor. The agreement was to exercise certain warrants to purchase up to an aggregate of 150,000,000 ordinary shares represented by 5,000,000 American Depositary Shares. The exercise price of the shares was $2.00 per ADS. H.C. Wainwright & Co. was the exclusive placement agent for the offering. The company intended to use the net proceeds for working capital. That included the launch of Phase II study in NASH and Phase III liver cancer study. Alongside, it was to be used for other corporate and general purposes as well.

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Q3 2021 Operational Results

On 26th November, CANF released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated net revenues of $0.64 million against $0.61 million for the same period of 2020. The operating loss suffered by the company during the three months stood at $8.8 million against $10.5 million for the same period of 2020. The net loss suffered by the company during the quarter was $8.4 million (or $0.02 per basic and diluted share) against $10.8 million (or $0.04 per basic and diluted share) for the same period of 2020.

Executive Commentary

While commenting on the results, Dr. Pnina Fishman, CEO of CANF said that he is pleased with the outstanding results that are displayed by the company. The advanced pipeline of the company with a growing body of safety and efficacy data has significant potential to help the patient having unmet needs in near future.

Future Outlook for CANF

During the last three months, CANF stock has increased by more than 30%. That rise could be attributed to the positive developments related to the stock in the form of study results. For the future, it is believed that the CANF stock is in a good shape to attract investors.

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