Why Ascendis Pharma Stock Tumbled by 11% Today
An earnings miss and sharply reduced guidance for its ONE commercialized product doomed Ascendis Pharma (NASDAQ: ASND) to a bad Wednesday on the stock market. The biotech's shares fell by more than 11% in price after it divulged its latest set of quarterly results. By comparison, the bellwether S&P 500 index suffered a relatively modest drop of 0.2%.
Ascendis, a biotech based in Denmark, took the wraps off its second quarter soon after market hours on Tuesday. The company posted revenue of slightly under 36 million euros ($40 million) for the period, a figure that was well down from the more than 47 million euros ($52 million) it earned in the same quarter of 2023.
More encouragingly, Ascendis managed to narrow its net loss over that stretch of time. Its deficit was a bit more than 109 million euros ($120 million), which equates to 1.91 euros ($2.11) per share. The year-ago shortfall was almost 122 million euros ($135 million).
Source Fool.com
