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Wednesday, May 25, 2022

Athenex Inc (ATNX) stock plummeted in the after-market. Here’s the reason

The stock of Athenex Inc (ATNX) closed the regular trading session at $0.96, 12.28% more than the previous trading session. The stock remained bullish in the regular trading session. On the last check, the stock of ATNX followed a bearish trend in the after-market, losing 7.29% to $0.89. The company reported the financial performance for Q4 and FY21. Also, ATNX declared the employment of a new Chief Financial Officer.

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On 22 February 2022, ATNX declared the employment of Mr. Joe Annoni as the new Chief Financial Officer of the company. Mr. Annoni is a skilled financial expert and has partaken in a multi-layered profession in private equity, investment banking, and Big4 Advisory. He has corporate experience of more than 20 years. Preceding joining Athenex, Mr. Annoni filled in as the MD with GFW Partners. He also served at NHA capital, Roth capital, and Pricewaterhouse Coopers.

The CEO of ATNX stated that they greet Joe to his new post as a CFO. He further said that they anticipate the commitments Mr. Joe will make to their future achievement. Moreover, Mr. Annoni commented that he is regarded to join Athenex’s initiative group at such an essential time and to lead its financial association. He added that he wants to sustain their financial establishment as they work to achieve their goals.

ATNX Financials

Athenex Inc (ATNX) also reported the financial performance for Q4 and FY21, which concluded on 31 December 2021. The company reported total sales to be $24.9 million in Q4 of FY21 compared to $21.8 million in the same period of FY20. Total sales in Q4 grew by 14.3%. Also, total sales in FY21 declined by 16.7% to $120.1 million as compared to $144.3 million in the previous year.

ATNX’s total profit expanded by 19.7% in Q4 of FY21 to $4.2 million versus $3.5 million in Q4 of FY20. Moreover, the total profit in FY21 was nosedived by 24.4% to $37.7 million from $49.0 million in FY20.

The company had a total loss of $105.0 million in Q4 of FY21 against $50.3 million in the same year-ago period. This marks an increase of 108.5%. Also, the total loss in FY2021 rocketed by 36.1% to $202.0 million versus $148.4 million in the previous year.

Besides, ATNX had a loss of $0.95 and $1.92 for each stock in Q4 and FY21, respectively.

About ATNX

Athenex is a biopharmaceutical organization that focuses on oncology. The company is focusing on the revelation, improvement, and commercialization of novel treatments for the therapy of malignant growth. The company has a market cap of $104.9 million. ATNX headquarters are in Buffalo, New York,

The Board of Directors joins me in welcoming Joe to his new position as CFO,” said Johnson Lau, Chief Executive Officer of Athenex. “Joe’s appointment will provide Athenex with the seasoned leadership in finance to help us execute on our corporate objectives. We look forward to the contributions he will make to our future success.”

Mr. Annoni, Chief Financial Officer, said, “I am honored to join Athenex’s leadership team at such a pivotal time and to lead its finance organization as we refocus the company’s efforts to unlock shareholder value. Our commitment to improving the lives of cancer patients is central throughout the entire organization, and my goal is to fortify our financial foundation as we work to accomplish our objectives.”

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