Tekmira Pharmaceuticals Corp. (TKMR) stock took a dive in premarket trade Thursday after the company announced it missed its earnings estimates in the second quarter of the 2014 fiscal year.
For 2Q ended June 30, the biotech company reported Q2 loss of ($0.28) per share versus ($0.30) consensus. The net loss for Q2’14 was 7 cents higher when compared to Q2’13. Revenue registered at $1.8 million compared to the consensus estimate of $4.0 million. For the second quarter the company reported cash, cash equivalents and investments of $129.5 million. The company also said it has 22.1 million common shares issued and outstanding, and 24.6 million shares on a fully diluted basis.
In July, Tekmira, one of the few pharmaceutical companies developing treatments for the deadly Ebola virus, received verbal confirmation notice from the U.S. Food and Drug Administration that the company’s TKM-Ebola Phase 1 Ebola treatment was on clinical hold. Subsequently, the company received written notice from the FDA modifying the clinical hold to a “partial clinical hold,” allowing for the potential use of TKM-Ebola in individuals that are already infected with Ebola virus.
Currently, only a couple of firms cover the stock of the Canadian-based company. Maxim Group has a ‘Buy’ rating and $23.00 price target on the stock, while RBC Capital Markets has an ‘Outperform’ rating.
Shares of Tekmira traded as high as $20.31 Wednesday, before ending the day at $18.60. More than 7.4 million shares of the firm’s stock, or 4x its average 3-month average volume of 1.85 million shares traded hands.
TKMR has traded between a low of $5.08 and a high of $31.48, which is almost 520% above that low price. Over the past week alone the stock has gained 39%.
The chart below shows where the stock has traded over the last year, with the 50-day and 200-day moving averages included.
The shares of Takmira plunged $2.65, or more than than 14 percent to $15.95 at 4:00 a.m. in New York. The stock is up 234% year-over-year, and 133.38% year-to-date. TKMR is still far below the all-time high of $31.48 touched in March this year.