Where is Salarius Pharmaceuticals Inc (NASDAQ: SLRX) Headed From Here?

Salarius Pharmaceuticals Inc (NASDAQ: SLRX) closed at $1.21 on Friday, down 13.57%. Three analysts are covering this stock at the moment, all of who suggest a rating of “Strong Buy.” This stock has a target price that ranges between $5 and $3.8, while the average price target is $4.43. There may potential upside on this stock, even as it appears down at the moment. 

What holds for SLRX this year?

Salarius Pharmaceuticals Inc’s 50 day moving average stands at 0.81 and while the 200-day moving average is 1.03. With a market capitalization of $16 million, SLRX has something in line for the year with its Phase I/II clinical trial of lead candidate Seclidemstat (SP-2577) in place. Considering that the lead candidate is pitched against solid tumors, such as ovarian cancers, breast cancer, and prostate cancer, the treatment may fetch fruitful results once approved. 

The company has had a strategic partnership to get exclusive license of the lead candidate; the partnership holds with The University of Utah Research Foundation in context with the patent rights regarding  SP-2577 and other compounds. Meanwhile, this clinical-stage biotechnology company has also had a strategic partnership with HLB Life Sciences for the overall development, production, manufacturing, use, and selling of this drug in South Korea. 

Product development of the drug is rested with Cancer Prevention and Research Institute of Texas, where Salarius Pharmaceuticals is also headquartered. 

The financial health of Salarius Pharmaceuticals

Looking at the company’s financial performance in Q1-2021, we see that the revenue came in at $1.27 million, an increase of 12.01% on YoY basis. The company’s net income stood at $-1.85 million, an increase of 11.13% from the same quarter in the previous year. The company’s net profit margin in Q1-2021 is -145.95%, indicating a 20.66% increase on a YoY basis. Operating income totaled at $ -1.80 million, reflecting a 23.84% increase from the previous year. The company has $36.61 million cash on hand at the end of the quarter, reflecting a positive surge of 279.52% from a year before. 

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