ENTA - Why Shares of Enanta Pharmaceuticals Are Dropping Tuesday
2023-08-08 14:23:06 ET
Shares of Enanta Pharmaceuticals (NASDAQ: ENTA) were down more than 9% as of 11:45 a.m. on Tuesday after the clinical-stage biotech released fiscal third-quarter earnings on Tuesday. The stock is down more than 62% so far this year.
Enanta focuses on finding small-molecule drugs to treat viral infections and liver diseases. The company's quarterly revenue, all from royalties regarding sales of Mavyret, a hepatitis C therapy sold by AbbVie , fell 3% year over year to $18.9 million. Enanta reported a net loss of $39.1 million, or an earnings per share (EPS) loss of $1.86, compared to a loss of $31.7 million for an EPS loss of $1.53 in the same quarter a year ago.
The company cited increased clinical trial costs for the greater net loss. It said it had $392.5 million in cash, enough to fund operations into midyear in fiscal 2027.
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Why Shares of Enanta Pharmaceuticals Are Dropping Tuesday