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There were a number of stocks that had made notable moves yesterday but there were some which stood out and one of those was the Vaxart Inc (NASDAQ:VXRT) stock. It was one of the biggest movers on Monday as it ended up with a gain of as much as 30.48%. However, more importantly, the trading volume had also soared six times its average 60-day volume.
The total value of the traded shares amounted to $11.7 million. While it is true that there was no specific news about the company it should be noted that on May 5 Vaxart announced its financial results for the first fiscal quarter of 2023.
Andrei Floroiu, the Chief Executive Officer of the company noted at the time that during the first quarter, Vaxart had continued its work on the advancement of its norovirus oral pill vaccine initiative and was on course for two critical clinical data results in 2023.
He went on to add that in excess of 21 million people are infected by the virus every year and that created an annual burden of more than $10 billion. The company ended the quarter with cash, restricted cash, cash equivalents, and marketable securities of $71.8 million, which was lower than the sum of $95.7 million as of December 31, 2023. The drop had primarily been a function of cash that had been spent on operations.
The net loss for the quarter stood at $25.1 million, which remained unchanged from the prior year period. The net loss per share dropped to $0.19 in the quarter from $0.20 in the prior year period. The revenues soared to $675,000 for the first quarter from only $85,000 in the prior year period. Higher royalty revenues from Inavir sales in Japan and services rendered to the Gates Foundation had led to a rise in revenues.