Why Emergent BioSolutions Stock Is Sliding Today
Shares of Emergent BioSolutions (NYSE: EBS) were sliding 9.3% lower as of 11:13 a.m. EST on Friday. The decline came after Chardan Capital analyst Keay Nakae downgraded the stock from buy to hold. Nakae set a one-year price target for Emergent Biosolutions of $112, more than 4% below the stock's closing price on Thursday.
Chardan Capital's downgrade came after Emergent BioSolutions announced solid fourth-quarter results on Thursday. The company reported record revenue of $583 million, a 62% year-over-year increase. Emergent posted adjusted earnings per share of $3.67 compared to $1.57 in the prior-year period. Both results easily topped the consensus Wall Street estimates.
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Source Fool.com
