Concert Pharmaceuticals Inc (NASDAQ:CNCE) Stock Extends Rally: Soars 22% in a Week

The past few days have been quite eventful for Concert Pharmaceuticals Inc (NASDAQ:CNCE). The stock has moved strongly and earlier on this week, the company also announced its financial results for the third quarter, which provided a further boost to the stock.

Market Stats

On Wednesday, CNCE stock soared 10% to $4.22 with more than 872K shares, compared to its average volume of 747K shares. The stock has moved within a range of $3.7600 – 4.2400 after opening the trade at $3.76.

Earnings Recap

Yesterday, the stock was on the move once again and ended the day with gains of as much as 10%. That took its gains for the past week to as much as 22% and hence, it could be the right time for investors to take a closer look at its performance.

Concert Pharmaceuticals announced that at the end of the third quarter it had cash, investments and cash equivalents to the tune of as much as $103.7 million in its books. It should be noted that at the end of the quarter on December 2020, 2021, the company had a cash balance of $130 million.

On the other hand, the revenues generated by the company in the quarter came in at half a million and that reflected a considerable drop from the $1.5 million in revenues that it had generated in the prior year period. In light of the latest rally, investors could add the Concert stock to their watch lists.

Traders Corner

CNCE stock is trading above the 20-Day and 50-Day Moving averages of $3.26 and $3.22 respectively. However, the stock is trading below the 200-Day moving average of $4.36. The stock is up 41 % in the past week.