Why Roivant Sciences Stock Was Slipping on Monday
Commercial-stage biotech Roivant Sciences (NASDAQ: ROIV) started the trading week with an earnings release. In retrospect, that might not have been the wisest move. Following Monday morning's unveiling of its fiscal first-quarter release, investors generally traded out of the stock. It had slid by more than 3% in late-session trading at a point when the S&P 500 index was only down marginally.
Roivant reported that its revenue for the period was slightly under $2.2 billion, which was quite some distance down from the nearly $8 billion it reaped in the same quarter last year. The situation was hardly better on the bottom line, as the company flipped to a more than $223 million ($0.33 per share) generally accepted accounting principles (GAAP) net loss from the year-ago profit of $95 million.
Image source: Getty Images.
Source Fool.com
