Theratechnologies Plunges on Lack of Forecast: Montreal Mover
Theratechnologies Inc. (TH), the developer of an HIV drug, sank the most in six months after failing to provide a sales forecast with its quarterly financial results.
The Montreal-based company, which makes the medicine Egrifta, plunged 14 percent to C$2.26 after Chief Financial Officer Luc Tanguay declined to make estimates on a conference call with analysts. It was the biggest decline since Aug. 8.
“While revenue was in line, we believe that short-term sentiment will be weighed down by the lack of fiscal year 2012 revenue guidance and the underlying tone of the conference call, which signaled that trends in recent months have yet to show an upward inflection point in Egrifta sales momentum,” Pooya Hemami, an analyst at Desjardins Securities, wrote in a note to clients.
Theratechnologies tumbled 54 percent in the year ending yesterday as Egrifta sales trailed the estimates of analysts including Philippa Flint of Bloom Burton & Co.. The company’s product reduces abdominal-fat accumulation in patients with HIV.
The company reported a loss excluding some items of 2 Canadian cents a share in the fourth quarter. Analysts had estimated a loss of 6 Canadian cents a share, according to the average of three forecasts in a Bloomberg survey.
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