Breaking Finance News

Here’s Why Senomyx Closed 36 Percent Higher Friday (SNMX)

Senomyx Inc. (NASDAQ: SNMX) was up 36 percent on Friday and traded 14 times its normal volume after announcing better than expected second quarter earnings.

EPS still didn’t make it into the black at $-0.05 but it’s up from $-0.08 in Q2 of 2012. Analysts were expecting $-0.06. Revenue rose 12 percent year over year to $7.7 million–a slight miss versus analyst consensus of $7.75 million. The company also said that it ended the quarter with $38 million in cash and investments, according to its earnings announcement.

The company also announced that rather than relying on licensing agreements, it will sell certain flavors in its portfolio directly to customers. It’s calling the program its, “direct sales initiative.”

Senomyx is a $157 million company that develops flavor ingredients for the packaged food, beverage, and ingredient supply industries. It’s notable clients include Nestle and PepsiCo (NYSE: PEP)

[stock-tools exchange="NASDAQ" symbol="SNMX" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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  1. Andrew

    August 3, 2013 at 5:00 pm

    This jump was sure as heck not about the reported earnings number as your article states. And the direct sales program was announced previously.

    • Tim Parker

      August 3, 2013 at 6:42 pm

      Andrew: We’re happy to be corrected. Please tell us why the stock jumped and provide a reference. We’ll amend the article and give you and your website credit. I looked on your site and unless I’m missing something, I saw nothing from this year posted regarding SNMX.

  2. Marie

    August 5, 2013 at 6:17 pm

    @Andrew: Funny you use the word “HECK” Do you think the rise had to do with HEK 293 ? @ Tim Do you know about HEK 293

  3. Tim Parker

    August 5, 2013 at 6:37 pm

    @Marie…I haven’t heard of anything regarding this story. Do tell. 😉