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Assertio (ASRT) Stock Plunges 65% in 3 Months: Here's Why
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Shares of Assertio Holdings, Inc. (ASRT - Free Report) have nosedived 64.5% in the past three months against the industry’s increase of 17.6%.
In January 2024, the company’s chief executive officer (CEO), Dan Peisert, stepped down from his role with immediate effect.
Assertio appointed Heather Mason, who had already served as the independent director of the company, as its new interim CEO.
Mason, who has been with Assertio since 2019, also served as the chair of its Nominating and Corporate Governance Committee.
Assertio’s commercial portfolio includes several products for neurology, rheumatology and pain and inflammation.
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It is important to note that the company has been facing some challenges of late as sales of its products have failed to meet management’s expectations.
Sales of Indocin product franchisee and Cambia have been declining due to generic erosion. The company expects the trend to continue.
In July 2023, Assertio completed the acquisition of Spectrum Pharmaceuticals, which added the latter’s Rolvedon (eflapegrastim-xnst) injection to its portfolio. However, sales of the product fell below management’s expectations in the third quarter of 2023.
Assertio acquired Sympazan from Aquestive Therapeutics in October 2022. Sympazan has been contributing to its top line.
Though Rolvedon and Sympazan have been generating sales, declines in Indocin and Cambia sales following generic entrants have been offsetting the gains.
The ongoing business headwinds remain a major concern for Assertio. It remains to be seen whether the company will be able to make a comeback in the days ahead.
In the past 60 days, estimates for Aptose Biosciences’ 2024 loss per share have narrowed from $5.67 to $3.68. In the past year, shares of APTO have plunged 82.2%
Earnings of Aptose Biosciences beat estimates in one of the last four quarters, met the same once and missed on the remaining two occasions. APTO delivered a four-quarter negative average earnings surprise of 3.77%.
In the past 60 days, estimates for Arcutis Biotherapeutics’ 2024 loss per share have narrowed from $2.66 to $2.65. In the past year, shares of ARQT have declined 63.3%.
Arcutis Biotherapeutics beat estimates in three of the last four quarters and missed the same on the remaining occasion. ARQT delivered a four-quarter earnings surprise of 9.23%, on average.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 64 cents to 69 cents. In the past year, shares of PBYI have risen 4.4%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.
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Assertio (ASRT) Stock Plunges 65% in 3 Months: Here's Why
Shares of Assertio Holdings, Inc. (ASRT - Free Report) have nosedived 64.5% in the past three months against the industry’s increase of 17.6%.
In January 2024, the company’s chief executive officer (CEO), Dan Peisert, stepped down from his role with immediate effect.
Assertio appointed Heather Mason, who had already served as the independent director of the company, as its new interim CEO.
Mason, who has been with Assertio since 2019, also served as the chair of its Nominating and Corporate Governance Committee.
Assertio’s commercial portfolio includes several products for neurology, rheumatology and pain and inflammation.
It is important to note that the company has been facing some challenges of late as sales of its products have failed to meet management’s expectations.
Sales of Indocin product franchisee and Cambia have been declining due to generic erosion. The company expects the trend to continue.
In July 2023, Assertio completed the acquisition of Spectrum Pharmaceuticals, which added the latter’s Rolvedon (eflapegrastim-xnst) injection to its portfolio. However, sales of the product fell below management’s expectations in the third quarter of 2023.
Assertio acquired Sympazan from Aquestive Therapeutics in October 2022. Sympazan has been contributing to its top line.
Though Rolvedon and Sympazan have been generating sales, declines in Indocin and Cambia sales following generic entrants have been offsetting the gains.
The ongoing business headwinds remain a major concern for Assertio. It remains to be seen whether the company will be able to make a comeback in the days ahead.
Assertio Holdings, Inc. Price
Assertio Holdings, Inc. price | Assertio Holdings, Inc. Quote
Zacks Rank & Stocks to Consider
Assertio currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the healthcare sector are Aptose Biosciences Inc. (APTO - Free Report) Arcutis Biotherapeutics, Inc. (ARQT - Free Report) and Puma Biotechnology, Inc. (PBYI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Aptose Biosciences’ 2024 loss per share have narrowed from $5.67 to $3.68. In the past year, shares of APTO have plunged 82.2%
Earnings of Aptose Biosciences beat estimates in one of the last four quarters, met the same once and missed on the remaining two occasions. APTO delivered a four-quarter negative average earnings surprise of 3.77%.
In the past 60 days, estimates for Arcutis Biotherapeutics’ 2024 loss per share have narrowed from $2.66 to $2.65. In the past year, shares of ARQT have declined 63.3%.
Arcutis Biotherapeutics beat estimates in three of the last four quarters and missed the same on the remaining occasion. ARQT delivered a four-quarter earnings surprise of 9.23%, on average.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 64 cents to 69 cents. In the past year, shares of PBYI have risen 4.4%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.