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Shares of Sareum Holdings Plc (LON: SAR) surged higher despite the biotech company announcing that it would postpone the release of its interim results for the six months ended 30 December 2020.
Investors were not pleased with the postponement, but this was not reflected in its share price, which edged higher despite the announcement. However, the company’s shares struggled to rally higher today as investors digested the news.
Since January, the lack of significant announcements from Sareum has left the company’s shares trading at the mercy of investor sentiment. Investors have been waiting for a breakthrough announcement, but nothing has happened so far.
Sareum’s postponement may indicate that the company is struggling to compile its financial reports for the period and could mean that the report may not be a good one. On the other hand, the delay could be nothing serious and may be a simple logistical challenge.
Investors will be waiting for the results once they are ready to get an accurate picture of the biotech company’s finances after the new deadline allowed the company to publish its results by 30 April 2021.
The company’s fundamental picture is stable as it continues working on a COVID-19 cure while at the same time advancing its cancer drug candidates based on TYK2/JAK1 inhibitors with some drugs going through phase II clinical trials.
Sareum share price.
Sareum shares are still trading within the wide sideways range highlighted above with a slight bullish bias.
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