Oscient stock shares sink on revenue outlook
The stock of Oscient Pharmaceuticals Corp. is plunging as Wall Street is disappointed by the company's first-quarter revenue forecast.
The Waltham, company said it expects its quarterly revenue to drop 20 percent to about $18.5 million, with more than two-thirds of the revenue coming from sales of its cholesterol drug Antara. Oscient said the timing of shipments and wholesaler buying affected sales.
In the year-ago period, the company booked revenue of $23.2 million.
The stock plunged 69 cents, or 24.4 percent, to $2.14 in afternoon trading on the Nasdaq Stock Market.
Oscient Pharmaceuticals Corp. backed its full-year forecast of $96 million to $103 million from sales of Antara and Factive, a treatment for pneumonia and bronchitis.
The two analysts reporting to Thomson Financial expected sales of $27.9 million in the first quarter, and $106.6 million for the year. (AP)
