Assertio (NASDAQ:ASRT) stock is diving lower on Thursday after the commercial pharmaceutical company released its earnings report for the third quarter of 2023.
The bad news for investors in ASRT stock starts with the company’s adjusted earnings per share of 1 cent. That’s well below the 10 cents per share that Wall Street was expecting. It’s also a major drop from the 22 cents per share reported in Q3 2022.
Also not helping ASRT stock today is the company’s revenue of $35.1 million. Yet again, that’s worse than the $50.43 million that analysts were predicting. However, it is a slight increase over the company’s revenue of $34.3 million in the same period of the year prior.
Dan Peisert, CEO of Assertio, said the following about the results:
“Our third quarter results were disappointing, with the loss of Indocin exclusivity and Rolvedon results below expectations driving significant charges to our net income […] Despite these headwinds, Assertio’s innovative non-personal platform continues to drive profitable growth on our other assets. Sympazan achieved another new monthly high on a 4% increase in total prescription volume quarter over quarter, and new payor coverage drove volumes and Net Product Sales for Otrexup up 4% and 6%, respectively, for the nine months year-to-date.”
ASRT Stock Movement on Thursday
ASRT stock is down 39.4% as of Thursday morning with some 678,000 shares changing hands. To put that in perspective, the company’s daily average trading volume is closer to 1.5 million shares.
Investors who want more of the most recent stock market stories today are going to want to stick around!
We have coverage of all the biggest stock market happenings worth reading about on Thursday! That includes what’s happening with shares of Atara Biotherapeutics (NASDAQ:ATRA) stock, JanOne (NASDAQ:JAN) stock and Intelligent Bio Solutions (NASDAQ:INBS) stock. All of that news is available by checking out the following links!
More Stock Market News for Thursday
- Why Is Atara Biotherapeutics (ATRA) Stock Down 50% Today?
- Why Is JanOne (JAN) Stock Up 40% Today?
- Why Is Intelligent Bio Solutions (INBS) Stock Up 56% Today?
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
