Shares of Endo International (NASDAQ: ENDP) dropped 22.8% on Tuesday. The stock had closed at $3.11 on Monday and then opened at $2.83 on Tuesday before hitting a low of $2.40 in early trading. The stock is down more than 36% this year and more than 63% over the past 12 months, with a 52-week low of $1.94 and a 52-week high of $8.74.
The specialty pharmaceutical company operates in four segments: branded pharmaceuticals, sterile injectables, generic pharmaceuticals, and international pharmaceuticals. It reported fourth-quarter earnings after the market closed Monday, and despite mixed financial numbers, the stock slipped considerably on Tuesday. It was a bit of a head-scratcher, until you look more closely at an event that wasn't even mentioned directly in the company's fourth-quarter report.
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Why Shares of Endo International Slumped 22.8% on Tuesday