Emergent BioSolutions: Falls as multiple brokerages slash PT after 2021 forecast cut

Benchmark Electronics

30/04/2021 12:50

** Shares of contract drugmaker Emergent BioSolutions Inc
 EBS.N  down ~2% at $62 premarket 
    ** EBS on Thursday lowered its 2021 revenue forecast to a
range of $1.7 bln to $1.95 bln from its previous forecast of
$1.95 bln to $2.05 bln  urn:newsml:reuters.com:*:nL4N2MM4VG
    ** Co also lowered its net income forecast for the year to
$395 mln to $470 mln, from $475 mln to $525 mln previously
    ** Guggenheim says the target cut reflects some recent
challenges including the U.S. FDA's hold on Johnson & Johnson's
 JNJ.N  COVID-19 vaccine production at an Emergent plant in 
Baltimore; cuts PT to $85 from $110  urn:newsml:reuters.com:*:nL4N2MC2JY
    ** Co on Thursday said it hopes to respond to the U.S.
regulators within days on how to resolve the problems at the
plant
    ** EBS is under pressure until concerns regarding COVID-19
vaccine manufacturing get resolved, brokerage J.P. Morgan says;
cuts PT to $64.00 from $65.00
    ** Brokerages Benchmark and J.P.Morgan also cut PTs on EBS
    ** Up to Thursday's close, EBS down ~30% YTD

 (Reporting by Manojna Maddipatla in Bengaluru)
 ((manojna.kalyani@thomsonreuters.com; within the U.S. +1 646
223 8780, outside the U.S. +91  80 6749 1692))