Zomedica (ZOM) Stock May Need a Solid Catalyst To Move Higher
2:31 pm Sunday, June 27th, 2021
A lock of information about a company for a long time can often put investors on tenterhooks about its prospects and that is the case with the Zomedica (NYSEAMERICAN:ZOM) stock at this point in time. Since the company announced the appointment of Greg Blair as the vice president of business development more than a month ago, there has been no new development.
The only positive for the company in recent times has been the launch of its Truforma diagnostic platform back in March this year. However, there is no information on how the product has performed and up until Zomedica announces its financial results on August 11; investors are going to be in the dark.
Earlier on in the year, the stock had gone on a wild ride and had touched a high of as much as $2.70 a share at one point. However, it has corrected sharply since, and currently, the stock is trading at only 84 cents a share. The company commands a market cap of $800 million at this point in time.
Back on May 12, the company had announced its financial results for the first quarter and there were very few positives. The revenues in the quarter came in at $14124 while the expenses for the quarter stood at less than $4 million. Perhaps the only positive for the company was the fact that it reported a cash balance of $276 million. Zomedica had sold its shares during the strong rally and that had resulted in the strong cash balance.
