The pharma concern shared a 2023 revenue forecast that missed expectations
The shares of Catalent Inc (NYSE:CTLC) are down 1.7% at $98 this morning, following the pharmaceutical company's fiscal fourth-quarter earnings report. While Catalent's adjusted profits of $1.19 per share topped analysts' estimates, its revenue fell below expectations. The company's fiscal 2023 revenue forecast also missed the mark, after it said it expects a decline in revenue from Covid-19 products in the coming year.
The stock has seen a dramatic drop from its late-July high and subsequent attempt to rally back toward this level in mid-August. The stock broke down below recent support at the 30-day moving average just a week after its August surge, and last week the 100-day moving average emerged as another ceiling on the charts. Plus, today's drop has the equity set to open back below a floor at the $99 level. Year-to-date, CTLT has shed 22.1%.
Analysts have yet to chime in, though it could just be a matter of time if the stock's dismal price action continues. Of the 11 in coverage, 10 consider CTLT a "buy" or better. What's more, the 12-month consensus price target of $136.85 is a lofty 37.3% premium to last night's close.
Short sellers, meanwhile, have been jumping ship during the past month, dropping nearly 21% in the most recent reporting period. The 3.13 million shares sold short make up a slim 1.8% of the stock's available float, or a little under three days' worth of pent-up buying power.