Assertio slumps after posting unexpected Q3 loss

Assertio Holdings

09/11/2023 12:22

** Assertio Holdings' shares  ASRT.O  fall 42.3% to $1.23
premarket
    ** Late Wednesday, co posted Q3 adj loss of 1 cent/shr vs
Wall Street estimates of a profit of 7 cents/shr - LSEG 
    ** Revenue also missed estimates as sales of
anti-inflammatory drugs Indocin and Cambia were hit by entry of
cheaper copies
    ** Newly acquired Rovledon, to boost post-chemotherapy
immunity, and anti-epileptic drug Sympazan boosted rev but also
raised operating costs by $5.9 mln
    ** ASRT has fallen 60% since Aug. 3, when it withdrew its FY
forecast to assess the hit from FDA's approval of a generic
version of Indocin
    ** Still, all the 3 brokerages covering ASRT rate the stock
"buy"; their median PT is $5.50 - LSEG

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))