Watch List Stock News: Aratana Therapeutics, Inc. (NASDAQ:PETX)

Aratana Therapeutics, Inc. (NASDAQ:PETX) holds 46.73 million shares outstanding and 46.44 million shares are floated in market. The company revealed recent move of 6.57% to $6.33.  Around 295971 shares traded in most recent trading session compared to an average volume of 328.93K. The stock changed with return 7.29% over last weekly period.

The monthly performance of stock was observed at 9.71%. PETX’s shares are moving at 37.01% for the quarter and managed a 12.23% return over the course of the past year and is now at 20.34% since this point in 2018.

Aratana Therapeutics, Inc. (NASDAQ:PETX), a pet therapeutics company focused on the licensing, development and commercialization of innovative therapeutics for dogs and cats, reported its third quarter 2018 financial results. For the third quarter ended September 30, 2018, Aratana reported total net revenues of $21.6 million and net income of $8.8 million or $0.19 diluted earnings per share. The net revenues for the quarter included a $15.0 million commercial milestone, which resulted in profitability for the quarter.

Steven St. Peter, M.D., President and Chief Executive Officer of Aratana Therapeutics stated “It’s evident there is significant enthusiasm among our customers in the pet therapeutics segment of the animal health industry. We believe a majority of U.S. veterinary clinics have already purchased two or more of our therapeutics”. “We are especially pleased with the strong performance of Galliprant, which in addition to gaining market share, also earned Aratana its first commercial milestone.”

Financial Results

The Company recorded net income of $8.8 million for the third quarter of 2018 or $0.19 diluted earnings per share compared to a net loss of $8.9 million or $0.21 diluted net loss per share for the corresponding quarter of 2017. Aratana reported $21.6 million in net revenues for the quarter ended September 30, 2018 compared to $6.2 million in net revenues in the third quarter of 2017. In the third quarter of 2018, net revenues included a $15.0 million one-time GALLIPRANT commercial milestone; $3.4 million in licensing and collaboration revenue for net product sales of GALLIPRANT by Elanco; $1.9 million in net product sales of NOCITA; and $1.3 million in net product sales of ENTYCE. In comparison, in the third quarter of 2017, the Company recognized $3.2 million in product sales of GALLIPRANT related to the sale of finished goods to Elanco; $1.2 million in GALLIPRANT licensing and collaboration revenue; a one-time payment of $1.0 million for the manufacturing transfer of GALLIPRANT to Elanco; and $0.7 million in net product sales of NOCITA.

 

The cost of product sales totaled $2.2 million in the third quarter of 2018 compared to $3.7 million in the corresponding period in 2017. The decrease year-over-year in cost of product sales was primarily due to Elanco assuming responsibility for GALLIPRANT manufacturing.

Research and development expenses totaled $1.5 million in the third quarter of 2018 compared to $3.2 million for the corresponding period in 2017. The decrease in research and development expenses was primarily due to fewer on-going pivotal studies compared to the corresponding period in 2017.

Selling, general and administrative expenses totaled $7.0 million for the third quarter ended September 30, 2018 compared to $6.9 million for the same period in 2017.

As of September 30, 2018, Aratana had approximately $56.4 million in cash, cash equivalents, restricted cash and short-term investments, which includes net proceeds in the third quarter from its at-the-market sales agreement of approximately $4.9 million. The one-time $15.0 million GALLIPRANT commercial milestone earned from Elanco is expected to be paid to Aratana in the fourth quarter of 2018. The Company continues to make its scheduled principal debt payments, which are approximately $5.3 million for the remainder of 2018.

Its quarter to quarter sales remained -5.80%. The stock beta value is 1.96. PETX stock changed at 28.58% distance from its 200-day moving average. On a similar note, the stock marked distance of 13.42% from its 50-day moving average and moved 10.24% away from its 20-day moving average. The average volatility for the week and month was at 6.71% and 6.94% respectively.

About the Author

Kyle Webster
Kyle Webster
Kyle Webster is a self taught investor and follows the value investing approach to picking stocks. He possesses over 10 years of investment experience, an M.B.A. from Louisiana State University, and is also certified in Risk Management Assurance. Kyle is a Certified Internal Auditor, Data Miner, and author with a career broadly spanning over multiple business areas. He has exploited those observations and developed investment tactics within a fundamentally sound long-term investment strategy. He currently covers Research News category for our site. He can be reached via Email Contact -  kyle@mostvolatilestocks.com.

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