PRTK - Why Paratek Pharmaceuticals Stock Is Sinking Today
Shares of Paratek Pharmaceuticals (NASDAQ: PRTK) were sinking 10.9% as of 11:46 a.m. EDT on Wednesday. The big decline came after the company announced that it's lowering its 2021 revenue outlook by around $38 million following discussions with the Biomedical Advanced Research and Development Authority (BARDA).
You might not think that a revenue outlook cut of $38 million is a big deal. So why did the biotech stock drop so much? That's a significant amount for Paratek. The company reported revenue of only $16.4 million in the first quarter of 2020.
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Why Paratek Pharmaceuticals Stock Is Sinking Today