Neptune Wellness Solutions drops on wider loss, brokerage downgrade

Neptune Wellness Solutions

16/07/2021 13:28

** U.S. shares of Canadian wellness product manufacturer
 NEPT.O  slide 10.3% premarket, set to open at a 16-month low of
$0.96
    ** Co's Q4 loss widens and revenue falls ~30% from a year
earlier  urn:newsml:reuters.com:*:nASA02E34
    ** Desjardins downgrades Canadian shares to "hold" from
"buy", slashes PT by over 70% to C$1.10; median PT is C$2.50 as
per Refinitiv data
    ** Brokerage had expected qtrly rev of C$13.2 mln vs co's
reported C$6.8 mln; cites the "bad Q4 miss" on NEPT failing to
capitalize on the need for PPE during the COVID-19 pandemic 
    ** "We now view Neptune as a show-me story" - Desjardins 
    ** Shares set for the biggest drop in six months
    ** As of last close, Nasdaq-listing down 31% YTD 

 (Reporting by Susan Mathew)
 ((susan.mathew@thomsonreuters.com))