Why Shares of Seres Therapeutics Are Up More Than 22% Wednesday
Seres Therapeutics (NASDAQ: MCRB) saw its shares rise more than 22% Wednesday. The microbiome therapeutics company's stock closed at $6.87 on Tuesday, opened at $7.34 on Wednesday, and hit a high of $9.22 during afternoon trading. The stock has had a wide range over the past 52 weeks, with a high of $38.50 and a low of $5.41.
The company released its third-quarter earnings report on Wednesday, and it posted net income of $68.2 million, compared with $30.3 million in the same period in 2020. The company's revenue was $126.7 million, compared with only $1.4 million year over year, with most of the increase from collaboration revenue from Seres' co-commercialization license agreement with Nestlé Health Science.
The improved financial numbers were only part of the story.
Source Fool.com
