Why Ascendis Pharma Stock Is Sinking Today
Shares of Ascendis Pharma (NASDAQ: ASND) were down by 10.5% as of 12:10 p.m. ET Thursday. The decline came after the drugmaker announced its first-quarter results following the market close on Wednesday.
The Denmark-based multinational reported Q1 revenue of 6.8 million euros, a big jump from revenue of 700,000 euros in the prior-year period. However, the company posted a net loss of 125.5 million euros, or 2.21 euros per share. This result was worse than the consensus estimate.
Biotech stocks usually fall on earnings misses. It didn't help matters that Ascendis is having to shift some of its clinical trials from Ukraine, Russia, and Belarus. However, there were some positive takeaways from the company's Q1 update that could be easily overlooked.
Source Fool.com
