CV Therapeutics plunges after missing Q4 expectations
CV Therapeutics, Inc. (Nasdaq: CVTX) shares are plunging after the biopharmaceutical company reported a fourth-quarter loss of $34.1 million, or $0.57 per share, compared with a loss of $68.1 million, or $1.18 per share, a year earlier. Analysts expected a loss of $0.51 per share.
The cardiovascular drug developer’s quarterly profit was hurt by costs associated with job cuts and higher cost of sales for the angina drug Ranexa. Quarterly revenue rose to $22.4 million, from $12.7 million during the prior-year period. Wall Street analysts projected revenue of $21.7 million.
In Wednesday’s trading, CVTX shares were down 20.15%, or $1.57, at $6.22. Over the last 52 weeks, shares have ranged from $6.13 to $13.74.
