Aratana Therapeutics Inc (NASDAQ:PETX)
The market reacted favorably to the earnings release by Aratana Therapeutics Inc (NASDAQ:PETX) and it shares have risen over 18% on heavy volume. After the market closed yesterday, the pet therapeutics company reported total net revenues of $6.2 million and a net loss of (-$8.9) million or (-$0.21) diluted loss per share. According to Zacks Investment Research, analysts were expecting a per share loss of (-$0.26).
Founded in 2010, Aratana Therapeutics Inc (NASDAQ:PETX) has its headquarters in Leawood, Kansas. Aratana is a pet therapeutics company that licenses, develops and commercializes therapeutics for dogs and cats in the United States and Belgium. Its product portfolio includes multiple therapeutics, and therapeutic candidates in development, consisting of small molecule pharmaceuticals and biologics.
Aratana believes that it can leverage the investment in the human biopharmaceutical industry to bring therapeutics to dogs and cats in a capital and time efficient manner. Aratana’s pipeline includes therapeutic candidates for the potential treatment of pain, inappetence, viral diseases, allergy, cancer and other serious medical conditions.
Steven St. Peter, M.D., President and Chief Executive Officer of Aratana Therapeutics Inc (NASDAQ:PETX) commented on the earnings results, “With the launch of NOCITA, GALLIPRANT and now ENTYCE, Aratana is well-positioned to extend the relationships we have been building within specialty and general practice veterinary clinics over the past year. Aratana continues to remain focused on developing and commercializing innovative pet therapeutics, which we believe is the most underserved and attractive segment of the animal health market.”
PETX Q3 Earnings
The company’s Q3 net loss was (-$8.9) million or (-$0.21) diluted loss per share compared to net loss of (-$13.4) million or (-$0.38) diluted loss per share for the same quarter last year. Aratana recorded $6.2 million in net revenues for Q3, which primarily includes approximately $4.0 million of product sales and $2.2 million in GALLIPRANT licensing and collaboration revenue.
Q3 research and development expenses totaled $3.2 million in comparison to $5.3 million for Q3 2016. Selling, general and administrative expenses totaled $6.9 million in the third quarter ended September 30, 2017 and $21.3 million for the nine-month period ended September 30, 2017.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.