Shares of the Assertio Holdings, Inc. (ASRT) stock were gloomy in the pre-market trading session today after rising as much as 14.30% at the previous closing. ASRT stock price saw a downtrend of 5.84% to drop at $0.5367 a share as of this writing. Is there any recent news attributable to this fall? Let’s discuss more ASRT stock to answer this query.
What’s happening?
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There is no news or announcement related to ASRT stock today to explain the reason behind the falling ASRT stock price. We find no recent analysts downgrades or shrank targeted per share price of the ASRT stock to justify this fall.However, Assertio stock on May 06, 2021, announced its first-quarter 2021 financial results the highlights of which are given below.
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First Quarter 2021 Financial Highlights:
- Assertio stock generated net product sales revenue of $26.4 Million in Q1 2021 while its prior-year Pro-Forma Net Products Sales were $28.3 Million.
- Net Income (GAAP) for the ASRT stock was $4.5 million in the first three months of 2021 as compared to $41.2 million in the same tenure of the prior year.
- Adjusted EBITDA (Non-GAAP) was $15.7million in Q1 2021 while it was $3.9 million in the same period of the prior year.
Financial guidance for 2021.
- Assertio Holdings projected Net Product Sales(GAAP) in the range of $85.0 million to $92.0 million.
- Adjusted EBITDA (Non-GAAP) for the ASRT stock is estimated to be between $34.0 million to $40 million.
Recent Business Highlights:
- ASRT stock received $45.3 million in cash, net placement fees as a result of the closing of registered direct offerings on February 9 and February 12, 2021.
- Assertio Holdings has taken all necessary steps in order to realize $45.0 million of its previously announced cost savings after a one-time restructuring cost, of which $40 million is likely to be realized in 2021.
- On May 05, 2021, ASRT stock did announce its collaboration with Cove in order to make it easy for patients to access CAMBIA and SPRIX via Cove’s innovative and continuous online high-quality physician care.
Impact of COVID-19 on ASRT stock:
Considering the employees’ health and governmental restrictions due to COVID-19, ASRT stock initiated the remote working arrangement and increased the virtual visits due to the impact in its ability to see in-person providers who prescribe their products.As a result, ASRT experienced decline in prescriptions due to limitations on elective surgeries. ASRT stock then implemented its restructuring plan in December 2020 and now future growth is highly dependent on its future developments.
Conclusion:
ASRT stock is down today despite the absence of any specific reason related to it. Such rises and falls don’t last for long in general.Hence it is better to analyze the fundamentals, balance sheet, and growth prospects before adding stock to the portfolio.