Why Emergent Biosolutions Stock Is Crashing Today
Shares of Emergent Biosolutions (NYSE: EBS) have crashed 41.1% as of 11:44 a.m. EDT on Friday. The huge decline came after the company revealed on Thursday that a multimillion-dollar agreement with the U.S. Department of Health and Human Services (HHS) had been canceled.
Emergent Biosolutions CEO Robert Kramer seemed to attempt to play down the termination of the HHS contract. He said in the company's third-quarter conference call that Emergent and HHS "mutually agreed to end our partnership" in preparing for pandemics.
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Source Fool.com
