Celcuity Inc. (CELC) shares surged 7.24% in intraday trading on Wednesday after the company reported better-than-expected third-quarter earnings results. The biotechnology firm, which focuses on developing targeted therapies for cancer patients, demonstrated strong financial performance despite ongoing research and development expenses.

According to the company's latest financial report, Celcuity posted an adjusted earnings per share (EPS) of -$0.78 for the third quarter, significantly outperforming the consensus estimate of -$1.02 provided by IBES. This represents a positive surprise and suggests that the company is managing its finances more effectively than analysts had anticipated.

While Celcuity reported a net loss of $43.8 million for the quarter, investors appeared to focus on the company's ability to control costs and exceed earnings expectations. Operating expenses for the period stood at $42.8 million, reflecting the company's continued investment in its drug development pipeline. The market's positive reaction indicates confidence in Celcuity's strategic direction and potential for future growth in the competitive oncology sector.