Shares of Onyx Pharmaceuticals Inc. fell Wednesday, a day after the company said it widened its second-quarter loss .
The stock lost $1.84, or 11.8 percent, to close at $13.70 on the Nasdaq at nearly triple their average volume. Shares fell as low as $13.60 earlier in the day, breaking an previous 52-week low of $14.52 set in June.
On Tuesday, the company said it lost $31.5 million, or 76 cents per share, in the quarter compared with a loss of $18.1 million, or 51 cents per share, a year ago. That fell far below Wall Street estimates, with analysts polled by Thomson Financial expecting a loss of 57 cents per share. Results for the recent quarter include a charge of $3.7 million, or 9 cents per share, for stock option expensing.
Revenue for the quarter totaled $150,000, up from zero last year.
Analysts were looking more toward sales of kidney cancer treatment Nexavar as a progress indicator. Onyx's partner on Nexavar, Bayer AG recorded quarterly sales of $32.2 million for Nexavar, beating several analyst predictions. Prudential analyst Jason Zhang forecast revenue of $31.9 million from Nexavar, while HSBC analyst Gene Mack predicted $28.6 million.
The companies are currently testing Nexavar for other applications as a possible treatment for melanoma, liver cancer and lung cancer.
Expenses for the quarter surged as Onyx spent more on developing its sales force for Nexavar and for research and development. Also, the company recorded $12.5 million in payments due to Bayer as part of the collaborative agreement on Nexavar.
The stock lost $1.84, or 11.8 percent, to close at $13.70 on the Nasdaq at nearly triple their average volume. Shares fell as low as $13.60 earlier in the day, breaking an previous 52-week low of $14.52 set in June.
On Tuesday, the company said it lost $31.5 million, or 76 cents per share, in the quarter compared with a loss of $18.1 million, or 51 cents per share, a year ago. That fell far below Wall Street estimates, with analysts polled by Thomson Financial expecting a loss of 57 cents per share. Results for the recent quarter include a charge of $3.7 million, or 9 cents per share, for stock option expensing.
Revenue for the quarter totaled $150,000, up from zero last year.
Analysts were looking more toward sales of kidney cancer treatment Nexavar as a progress indicator. Onyx's partner on Nexavar, Bayer AG recorded quarterly sales of $32.2 million for Nexavar, beating several analyst predictions. Prudential analyst Jason Zhang forecast revenue of $31.9 million from Nexavar, while HSBC analyst Gene Mack predicted $28.6 million.
The companies are currently testing Nexavar for other applications as a possible treatment for melanoma, liver cancer and lung cancer.
Expenses for the quarter surged as Onyx spent more on developing its sales force for Nexavar and for research and development. Also, the company recorded $12.5 million in payments due to Bayer as part of the collaborative agreement on Nexavar.
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7:16 PM
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