NanoString Tech hits over 4.5-yr low on wider-than-expected Q3 loss

NS Wind Down Co

08/11/2022 13:09

** Shares of life science tools maker NanoString
Technologies  NSTG.O  plunge 17.5% to $7.6 premarket, their
lowest level since April 2018
    ** Co reports Q3 adj. loss of 79 cents/shr vs analysts'
expectation for a loss of 51 cents/shr, as per Refinitiv IBES
data
    ** Co has consistently missed EPS estimates for ten quarters
    ** It lowers total product and service revenue outlook to
$125 mln-$127 mln this year, vs previous range of $140 mln-$150
mln
    ** Says forecast reflects more weight given to CosMx, its
new product, whose revenue is expected to begin in 2023
    ** Cowen and Company cuts PT to $24 from $36 but reiterates
"outperform" rating; says co has repeatedly made overly
optimistic forecasts but CosMx shows promise
    ** Five of six brokerages rate the stock "buy" or higher and
one "hold"; their median PT is $24.5 - Refinitiv data
    ** Up to Monday's close, stock had fallen 78.1% YTD
 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))