Qualigen Therapeutics (QLGN) Stock: Why The Price Surged Today

By Amit Chowdhry ● Nov 23, 2021
  • The stock price of Qualigen Therapeutics Inc (NASDAQ: QLGN) increased by over 85% pre-market today. This is why it happened.

The stock price of Qualigen Therapeutics Inc (NASDAQ: QLGN) increased by over 85% pre-market today. This is a continuation of momentum as the company stock price increased by 25.62% in the most recent trading session.

Investors appear to be responding positively to a research report from Zacks. Based on Zacks’ probability adjusted DCF model that takes into account potential future revenues from QN-247, and RAS-F, QLGN is valued at $9 per share. This means the company has substantial upside as the current stock price is $1.25.

About a week ago, Qualigen Therapeutics reported its third quarter 2021 financial results. These are the highlights:

— Quarterly revenues increased 38% to approximately $1.2 million, compared to approximately $0.8 million in the same quarter of the previous year

— Year-to-date revenues increased 30% to $4.2 million, compared to $3.2 million in the same nine-month period of the previous year

— Cash equivalents of approximately $12.3 million as of September 30, 2021

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.