Phio Pharmaceuticals Corp Up 5.88% To $1.08 After Earnings

Phio Pharmaceuticals Corp (PHIO) reported less than expected earnings this afternoon for Q3 2023.

Phio Pharmaceuticals Corp earnings per share (EPS) came in at loss of $1.14 per share. Phio Pharmaceuticals Corp's earnings rose 63% year-over-year as the firm reported an EPS loss of $3.12 per share in its year-ago quarter. The positive annual growth shows the Healthcare company is performing well amid recent economic conditions.

Revenues were in line at $0.00. That revenue figure is unchanged from the year ago report from the year ago quarter.

The stock is up 5.88% to $1.08 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 46. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Phio Pharmaceuticals Corp is a US-based biotechnology company. It is principally engaged in developing immuno-oncology therapeutics based on its proprietary self-delivering RNAi platform and Samcyprone, a topical immunomodulator, which addresses significant unmet medical needs. The company's pipeline products include PH-762, PH-804, PH-790, and others.