CBAY - Why CymaBay Therapeutics Stock Nose-Dived This Week
2023-05-19 17:59:16 ET
A significant miss on quarterly earnings combined with a big change in its C-suite put a damper on CymaBay Therapeutics (NASDAQ: CBAY) stock this week. According to data compiled by S&P Global Market Intelligence , the biotech's stock suffered an 11% decline over that stretch of time as a result.
CymaBay, a clinical-stage biotech that concentrates on fighting liver and other chronic diseases, reported its first-quarter results on Monday. The pre-revenue company booked a loss of $28.7 million for the period, a slightly deeper shortfall than the first-quarter 2022 figure of $27.8 million. On a per-share basis, the former worked out to $0.29 per share.
Analysts were expecting CymaBay to do considerably better. On average, they were modeling a per-share net loss of only $0.09.
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Why CymaBay Therapeutics Stock Nose-Dived This Week