Viracta Therapeutics (NASDAQ:VIRX) has seen a significant increase in its stock price following the release of its second-quarter earnings report. The company reported a diluted earnings per share of -25 cents, surpassing Wall Street’s prediction of -37 cents per share. This marks an improvement from the company’s EPS of -32 cents in the same period last year.
One key factor driving the increase in VIRX stock is the $5 million of other income attributed to the monetization of a pre-commercialization milestone from Day One Biopharmaceuticals (NASDAQ:DAWN).
Updates for VIRX Stock Investors
In addition to its earnings beat, Viracta Therapeutics announced several key updates for investors. These include the appointment of Michael Faerm as the company’s Chief Financial Officer and a strategic shift towards its more advanced EBV+ lymphoma program, resulting in layoffs affecting 23% of its workforce.
As of Wednesday morning, VIRX stock is up 41.7%, with over 9 million shares traded, significantly higher than its average daily trading volume of approximately 112,000 shares.
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