Trevena Inc (NASDAQ:TRVN) Stock reacts Negatively To Quarterly Earnings

Biopharmaceutical firm Trevena Inc (NASDAQ:TRVN) did not have a particularly good time in the markets yesterday as its stock suffered from a sharp selloff and declined by as much as 9%.

Market Stats

On Monday, TRVN stock slumped 9% at $0.85 with more than 10.87 million shares, compared to its average volume of 1.10 million shares. The stock has moved within a range of $0.7400 – 0.8791 after opening trading at $0.84.       

Earnings Recap

The company, which is involved in developing novel medicines for treating patients with disorders of the central nervous systems, announced its financial results for the third fiscal quarter yesterday. It seems that the numbers did not quite impress investors and led to the selloff in the stock. In this situation, it might be a good idea to take a closer look at the numbers for the period ended on September 30, 2021.

In the quarter, Trevena reported a net loss of as much as $13.9 million that could be attributable to the shareholders. It worked out to a per share loss of as much as $0.08 a share. The losses widened considerably from the $5.6 million in net losses that the company had suffered in the prior year period.

At the time, the losses per share came in at $0.04. Last but not the least, the cash and cash equivalents with Trevena at the end of the quarter stood at $78.6 million and the company noted that it was enough for taking care of its activities up until Q4 2022. 

Key Quote

“As we advance the OLINVYK commercial launch, we have continued to hear positive feedback on its performance in the post-operative setting. This feedback has helped us refine our launch strategy and post-approval plan, which we believe will help position us for success as hospitals begin to reopen and in-person engagement resumes,” said Carrie Bourdow, President and CEO of Trevena. “We have also continued to make progress on our pipeline, with the recent announcement of positive TRV027 proof-of-concept data, and other exciting developments.”

Traders Corner

TRVN stock is trading below the 20-Day and 50-Day Moving averages of $1.02 and $1.14 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.63. The stock is down 25% in the past month.