What happened

Shares of Compugen (CGEN -5.75%) were jumping 7.9% as of 11:03 a.m. EDT on Thursday. The solid gain came after the drugmaker provided its first-quarter update before the market opened. 

So what

Today's solid uptick for the biotech stock likely had little to do with Compugen's Q1 financial results. The company didn't generate any revenue in the first quarter. Its net loss of $0.12 per share was a little better than what analysts expected, but that wasn't enough to fire up investors.

Scientist looking through a microscope

Image source: Getty Images.

Instead, the jump in Compugen's share price probably stemmed more from the overall stock market bounce combined with the company providing other reasons in its Q1 update to be optimistic. Compugen CEO Anat Cohen-Dayag noted, "2021 will be an important year of milestones and execution for Compugen." She pointed to several upcoming data readouts that are on the way. 

Now what

Investors will want to keep their eyes on Compugen's progress with COM701 and COM902. The company plans to present updated data from its phase 1 studies of COM701 at the American Society of Clinical Oncology (ASCO) annual meeting in June. It also expects to report results from studies of both experimental drugs in the fourth quarter of this year.