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Wednesday, September 27, 2023

Calyxt, Inc. (CLXT) Stock Rose on Monday, Here’s the Reason

Calyxt, Inc. (CLXT), a technology company, is trading at $2.46 in the aftermarket at the time of the writing. On Tuesday, CLXT closed the day at $2.46 after surging 7.42% during regular trading hours. The surge could be attributed to the company’s announcement regarding the presentation.

Why CLXT Surged?

On Tuesday, CLXT announced that the higher management of the company would present at the H.C Wainwright BioConnect Conference. The conference would take place on the 10th of January, 2022. The conference would be held in the virtual meeting format, where the company would highlight some of the milestones it has achieved in the recent past.

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Q3 2021 Operational Results

On 4th November, CLXT released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated net revenue of $7.76 million during the quarter against $5.24 million for the same period of 2020. The total operating expenses for the three months were $6.43 million against $7.23 million for the same period of 2020. The company suffered a net loss of $7.3 million (or $0.20 per basic and diluted share) during the quarter against $9.47 million (or $0.29 per basic and diluted share) for the same period of 2020.

Executive Commentary

Michael A Carr, President and Chief Executive Officer at CLXT, while commenting on the results said that the company has made significant progress during the last few months. The company has aligned on a new strategic direction that leverages its strengths and key areas of differentiation. The company is looking forward to driving continued progress across its business to realize value for the shareholders.

Future Outlook for CLXT

The last three months have seen CLXT stock declined by more than 20% owing to both market and company-related factors. Looking ahead, however, things seem to be on the bright side for CLXT stock, as the analysts are asking investors to make long-term investments in the stock.

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