Why Affimed N.V. Stock Dropped Today
On Thursday, drugmaker Affimed N.V. (NASDAQ: AFMD) released its earnings report for the fiscal year 2020, which ended on Dec. 31. Investors were not pleased with the company's financial results, however, and its shares fell sharply as a result. Affimed's stock ended the day down by 8.2% after dropping by as much as 12.3% earlier in the trading session.
During the fiscal year 2020, Affimed reported revenue of 28.4 million euros, representing a 32.6% year-over-year increase. On average, analysts were expecting the company's top line to come in at 38.41 million euros. The biotech's bottom-line figure was also a miss.
Affimed recorded a net loss of 41.6 million euros -- or .50 euros on a per-share basis -- compared to a net loss and a net loss per share of 33 million euros and .50 euros recorded during the previous fiscal year. Analysts were looking for a net loss of .38 euros for Affimed. Given that the biopharmaceutical company badly missed its top- and bottom-line estimates, it isn't surprising that investors ran for the hills following the release of its earnings report.
Source Fool.com
