Almirall: shares continue falling in wake of profit warning.
(CercleFinance.com) - Almirall shares have crumbled another 7% on Tuesday, reaching multi-year lows as analysts cut their earnings estimates in the wake of the Spanish pharmaceutical company's profit warning.
This morning Credit Suisse downgraded its rating on Almirall to "underperform" from "neutral", and cut its target price from 16 euros to 10 euros, citing a "loss of confidence" post-warning.
"We believe that investors will give the company no credit for the pipeline until it is fully launched and this will not be for some years," comment Credit Suisse's analysts.
Almirall substantially reduced its 2017 earnings guidance yesterday to take into account the adverse impact of recent market developments in its strategic US dermatology unit.
After collapsing almost 25% yesterday, Almirall shares are down another 7.1% at 9.1 euros on Tuesday.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
This morning Credit Suisse downgraded its rating on Almirall to "underperform" from "neutral", and cut its target price from 16 euros to 10 euros, citing a "loss of confidence" post-warning.
"We believe that investors will give the company no credit for the pipeline until it is fully launched and this will not be for some years," comment Credit Suisse's analysts.
Almirall substantially reduced its 2017 earnings guidance yesterday to take into account the adverse impact of recent market developments in its strategic US dermatology unit.
After collapsing almost 25% yesterday, Almirall shares are down another 7.1% at 9.1 euros on Tuesday.
Copyright (c) 2017 CercleFinance.com. All rights reserved.