MDXG Delisted, ENDP Boosts Outlook, AKAO Hits New Low, ReShape Deflated
The following are some of the pharma/biotech stocks that posted the biggest percentage decline today.
1. MiMedx Group Inc. (MDXG)
Lost 41.16% to close Thursday’s (Nov.8) trading at $3.66.
News: The Nasdaq has suspended trading in the Company’s stock effective at the open of business on November 8, 2018.
Following delisting, shares of MiMedx will continue to trade publicly on the “Over the Counter Market”.
2. ReShape Lifesciences Inc. (RSLS)
ReShape is a medical device company focused on technologies to treat obesity and metabolic diseases. It has two FDA-approved products, ReShape Intragastric Balloon and ReShape vBloc therapy.
Lost 29.67% to close Thursday’s trading at $1.94.
News: A 1-for-140 reverse stock split of the Company’s common stock came into effect today.
The Company is slated to report financial results for the third quarter 2018 on November 14, 2018.
3. Endo International plc (ENDP)
Lost 17.72% to close Thursday’s trading at $13.19.
News: The Company reported a drop in earnings and revenue for the third quarter of 2018.
Adjusted income from continuing operations for the third quarter of 2018 declined to $165 million or $0.71 per share from $204 million or $0.91 per share in the third-quarter 2017. Revenue in the recent third quarter was $745 million, a decrease of 5 percent compared to third-quarter 2017 revenues of $787 million.
Analysts polled by Thomson Reuters were expecting earnings per share of $0.59 on revenue of $694.93 for the third quarter of 2018.
Looking ahead, Endo now expects full year 2018 adjusted EPS from continuing operations to be between $2.65 and $2.75 and total revenues to be between $2.87 billion and $2.92 billion.
Earlier, the Company had forecast adjusted EPS from continuing operations to be between $2.50 and $2.60, and total revenues to be between $2.75 billion and $2.85 billion.
4. Perrigo Company plc (PRGO)
Lost 16.32% to close Thursday’s trading at $62.88.
News: The Company reported lackluster results for the third quarter of 2018, and lowered its revenue outlook for the year.
The adjusted net income for the third quarter of 2018 declined to $150 million or $1.09 per share from $197 million or $1.39 per share in the year-ago quarter.
Net sales for the recent third quarter dropped to $1.13 billion from $1.23 billion in the year-earlier quarter.
Looking ahead to 2018, the Company now expects net sales to be approximately $4.72 billion, down from its earlier forecast range of $4.8 billion to $4.9 billion. Net sales in 2017 were $4.95 billion.
5. Achaogen Inc. (AKAO)
Lost 13.96% to close Thursday’s trading at $2.65.
News: The Company reported wider-than-expected loss and lower-than expected revenue for the third quarter of 2018.
The net loss for the recent third quarter was $41.8 million or $1.02 per share on total revenue of $1.99 million. Analysts polled by Thomson Reuters were expecting a loss of $1.00 per share and revenue of $3.78 million.
Included in the third quarter 2018 revenue is the net product sale of ZEMDRI, which was commercially launched on July 20, 2018. Achaogen reported ZEMDRI net product sales of $0.3 million for the three months ended September 30, 2018.
The net loss was $29.9 million or $0.85 per share on total revenue of $577 thousand in the third quarter of 2017.
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