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Outlook Therapeutics (NASDAQ:OTLK), a biopharmaceutical company that focuses on retinal diseases saw its stock price upped 18.24% on Friday after its financial results for fiscal years 2024 announced despite net loss.
For the fiscal year 2024, Outlook Therapeutics booked net loss of $75.4 million compared to loss of $59 million in the previous year. Despite deeper loss, the loss per share reduced to $4.06 only from $4.72, as the result of reverse stock split that took place on March 2024. The sales itself weren't explicitly announced. For the cash, it stands at $14.9 million.
The company highlighted its potential of its new drug LYTENAVA that is predicted to receive FDA approval by the second half of 2025. Lytenava already obtained an approval and recommendation from NICE (National Institute for Health and Care Excellence) in the UK and planned to be commercially launched across Europe and the UK in the first semester of 2025.
Lytenava (bevacizumab gamma) is the first ophthalmic formulation of bevacizumab to treat wet Age-related Macular Degeneration (AMD) that is effective but cheaper than its competitors, that is administered as aninjection.
The expectation of the potential is high, making 6 analysts offer their price target for Outlook Therapeutics at average of $32.67 per share when the current price is only $2.01, giving high hope of +1525.21% upside.
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This article first appeared on GuruFocus.