NEW YORK, NY / ACCESSWIRE / January 9, 2018 / It was a day of losses for ACADIA on Monday, closing the day down a little over 6% at $27.11. There was no major news from the company whose stock was trading as high as over $40 last October. Shares of Exact Sciences Corporation also saw losses despite posting stellar preliminary results for the fourth quarter of 2017.
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ACADIA Pharmaceuticals Inc.
Exact Sciences Corporation
ACADIA Pharmaceuticals Inc. shares closed down 6.19% on almost 3.4 million shares traded yesterday. There was no significant news from the company on Monday to explain the big loss. It's been a rough time for the company starting before it released its third quarter results, despite the results beating expectations. Shares were over $40 this past October and closed at $27.11 yesterday. The company posted its earnings results on Tuesday, November 7th revealing a loss per share of $0.53 beating the consensus estimate on Wall Street of loss of $0.63 per share. Revenue of $35.58 million for the quarter was also ahead of the estimates of $32.03 million. CEO Steve Davis said on the earnings call, "We continue to make strong progress on our promotional efforts for NUPLAZID with increased brand awareness. We're working hard to increase the awareness of Parkinson's disease psychosis with patients and their caregivers and have important initiatives underway in this area."
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Exact Sciences Corporation shares closed down 13.25% yesterday on about 7.7 million shares traded. It was a rough day of trading for the company after it shared its preliminary financial results at the annual J.P Morgan Healthcare Conference. The strange thing is that the results were actually very good. Perhaps investors were waiting for much bigger numbers in terms of the company's Cologuard test completions. According to the results, fourth quarter 2017 revenue is forecast to be in the range of $86.9 million to $87.9 million. This was ahead of the $79.1 million that analysts had been expecting and is a 148% growth at the midpoint. Full year revenue for 2017 is expected to be $265.5 million to $266.5 million. This would be a growth of 168% at the midpoint. It was also revealed that last year 571,000 Cologuard tests had been completed which was a growth of 124% YOY. Since the test launched, there are now 102,000 providers.
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