Catalent (NYSE:CTLT) shares are trending marginally lower today after the healthcare company received a notice of non-compliance from the NYSE for failing to file its annual report on Form 10-K in a timely manner.
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Catalent noted that the notice does not immediately impact the listing of its common shares on the NYSE, and the company has six months from September 13, 2023, to regain compliance with the exchange’s listing standards.
Catalent has so far dedicated significant resources to complete procedures associated with management’s assessment of the effectiveness of its internal controls over financial reporting. The company still needs additional time to complete such procedures for the fourth quarter of 2023.
Furthermore, the company clarified that it does not expect any material change to the results compared to its Form 8-K filed on August 29, 2023, and expects to file the Form-10-K within the six-month period granted by the NYSE.
Overall, the Street has a consensus price target of $51.67 on Catalent, alongside a Moderate Buy consensus rating. Shares of the company have dropped nearly 30% over the past six months.
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