NEW YORK, NY / ACCESSWIRE / November 20, 2018 / While Akers Biosciences shares were exploding on the news that the company is considering the cannabis industry, shares of Align Technology were plummeting on a pessimistic highlight of the company in the Wall Street Journal from over the weekend.
The Market Edge Initiates Coverage on:
Akers Biosciences, Inc.
Align Technology, Inc.
Akers Biosciences, Inc. shares closed up 42.28% on Monday on tremendous trading volume of nearly 15.4 million shares traded. Average trading volume for the stock is only around 581,000 shares. Shares were soaring after the company announced that it will consider a range of potential strategic alternatives including, but not limited to, business combinations in alternative sectors including cannabis related industries. Earlier this month the developer of rapid health information technologies reported third quarter financial results. Howard R. Yeaton, Chief Executive Officer and interim Chief Financial Officer, commented: “I am pleased to report growth in revenues of our core PIFA Heparin PF/4 Rapid Assay products over the corresponding quarter of 2017, with the increase principally on account of filling open backorders. The considerable efforts to improve the antigen yields in the process of manufacturing these products has resulted in improved yields, enabling us to fill all backorders. Our dedicated technical sales account executives continue to work with our distribution partners and Independent Sales Representatives to drive awareness and sales of these products."
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Align Technology, Inc. shares closed down 9.31% on Monday on nearly 1.8 million shares traded. The stock hit a 52-week low of $203.72 despite any negative news from the company behind "Invisalign" clear braces. Traders may have been reacting to the Wall Street Journal highlighting why Align Technology shares may have been sold off recently despite a strong positive earnings surprise in its last quarterly report. According to the WSJ, the sell off may have happened because the market "can smack a stock to the floor unless the positive surprise is wrapped in a rosy outlook for the future." Unfortunately, "with the corporate tax cut behind them, interest rates up and a strong dollar crimping demand for exports, many companies are throwing ice water over expectations for their profits in 2019." In the third quarter, Align had reported earnings of $1.24 per share, above the $1.19 that some analysts had expected. Looking ahead however, Align said it expects to earn $1.10-$1.15 per share on $505 million to $515 million in sales while analysts were expecting earnings of $1.32 a share and $544 million in sales.
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