Why Emergent BioSolutions Stock Is Falling Again Today
Shares of Emergent BioSolutions (NYSE: EBS) were falling 4% as of 11:07 a.m. EDT on Thursday after sinking as much as 7.6% earlier in the day.
The stock tumbled earlier this week after the company was forced to halt production at its Bayview facility in Baltimore, Maryland, while the U.S. Food and Drug Administration (FDA) conducted an inspection. This facility had been used to manufacture Johnson & Johnson's COVID-19 vaccine, although no doses had been yet distributed for use in the U.S.
The FDA issued a scathing report from this inspection on Wednesday. These problems led Cowen analyst Boris Peaker to lower his firm's price target for the healthcare stock to $67 per share from $86.
Source Fool.com
