What is the story about?
Shares of Syngene International Ltd. are down another 7% on Tuesday, January 27, after having declined another 8% last Friday. With this, the stock is down 15% in the last two trading sessions.
With Tuesday's fall, the stock has extended its losing streak for nine straight sessions. The nine-day losing streak has seen the stock decline by 20% during this period.
During the December quarter, Syngene's profit fell nearly 90% from last year, while its revenue saw a drop of 3% on a year-on-year basis.
The company's operating performance was also weak during the quarter with its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) contracting by 26%, while margins narrowed to 22.8% from 33.8% during the same quarter last year.
Syngene had highlighted that the third quarter performance is reflective of the ongoing impact pertaining to a single product from one of its large-molecule biologics clients. With the exception of this, the business has progressed "steadily."
Brokerage firm Jefferies had downgraded the stock to "underperform" from its earlier rating of "hold" and also slashed its price target down to ₹480 from ₹660 earlier.
Nine analysts have coverage on Syngene, of which, three have a "sell" rating on the stock, four have a "buy" rating, while the other two have a "hold" rating.
Shares of Syngene Internatioal are now down 7.8% on Tuesday to ₹501.4. This is the lowest level for the stock since August 2020.
With Tuesday's fall, the stock has extended its losing streak for nine straight sessions. The nine-day losing streak has seen the stock decline by 20% during this period.
During the December quarter, Syngene's profit fell nearly 90% from last year, while its revenue saw a drop of 3% on a year-on-year basis.
The company's operating performance was also weak during the quarter with its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) contracting by 26%, while margins narrowed to 22.8% from 33.8% during the same quarter last year.
Syngene had highlighted that the third quarter performance is reflective of the ongoing impact pertaining to a single product from one of its large-molecule biologics clients. With the exception of this, the business has progressed "steadily."
Brokerage firm Jefferies had downgraded the stock to "underperform" from its earlier rating of "hold" and also slashed its price target down to ₹480 from ₹660 earlier.
Nine analysts have coverage on Syngene, of which, three have a "sell" rating on the stock, four have a "buy" rating, while the other two have a "hold" rating.
Shares of Syngene Internatioal are now down 7.8% on Tuesday to ₹501.4. This is the lowest level for the stock since August 2020.
