ThromboGenics Plunges on Jetrea Sales Forecast: Brussels MoverSimeon Bennett
ThromboGenics NV, the Belgian eye-drug developer, fell as much as 30 percent after forecasting that sales of its only approved product won’t increase in the second half of the year, missing analysts’ estimates.
ThromboGenics dropped to as low as 19.71 euros, the steepest intraday decline since it sold shares to the public in 2006. The number of shares that exchanged hands was more than five times the three-month daily average.
Second-half sales of Jetrea, the drug approved in the U.S. last year to treat vitreomacular adhesion, will be at the same level as first-half sales of 12.5 million euros ($17 million), Heverlee-based ThromboGenics said after the close of trading yesterday. That implies full-year sales will be 36 percent less than the analyst consensus of 39.4 million euros, according to Richard Vosser, an analyst at JPMorgan Chase & Co. in London.
The hurdles to introducing Jetrea in the U.S. were “higher than we had expected,” Vosser wrote in a note. He cut his December 2014 price target for the stock to 24 euros from 34 euros.
The shares traded 20 percent lower at 22.53 euros as of 10:11 a.m. in Brussels. The stock has dropped 47 percent this year, compared with a 13 percent gain in Belgium’s benchmark Bel20 Index.