CYANOTECH CORP (CYAN) stock has surged 59.62% in the Monday, March 29 pre-market as of this writing. It lost 1.55% on the last reading day of the last week. Let’s try to find out the reason behind its early morning rally.
Recent CYAN news
On February 11 CYAN announced financial results for the third quarter and first nine months of the fiscal year 2021, ended December 31, 2020.
Financial highlights of 3rd quarter
- Cyanotech reported net sales of $6,985,000 for the third quarter of fiscal 2021 compared to $7,504,000 for the third quarter of fiscal 2020.
- CYAN Net income was $827,000, or $0.13 per diluted share for the reported quarter, compared to a net income of $171,000, or $0.03 per diluted share for the same quarter in 2019.
Financial highlights for nine months
- Cyanotech reported net sales of $22,907,000 for the nine months ended December 31, 2020, compared to $23,265,000 for the same period in fiscal 2020.
- It reported a gross profit of $8,347,000, with a gross profit margin of 36.4%, for the reported nine months compared to gross profit of $9,615,000 and gross profit margin of 41.3% for the same period in 2020.
- CYAN net income was $1,121,000, or $0.18 per diluted share for the 2021 nine months, compared to a net income of $266,000, or $0.04 per diluted share for the same period in 2020.
Launching new form of BioAstin
Back on October 1 2020, CYAN launched BioAstin in a new delivery form, water dispersible powder in 1% and 2% concentration. in a new delivery form, water dispersible powder.
Cyanotech Corporation is a world leader in micro-algae producing company leasing land in the Natural Energy Lab of Hawaii on the Kona Coast of the island of Hawaii. The company produces BioAstin Natural Astaxanthin and Hawaiian Spirulina Pacifica. The company products are made by natural, dietary ingredients and supplements and its products are known for quality. The company was founded by Dr Cysewski in 1983 and he has served as a director of the Company since that time.
Conclusion:There is no update or news to justify CYAN Monday’s pre-market gain at the moment.