Catalent (NYSE:CTLT) shares plunged nearly 18% in the morning session today after the healthcare major announced that it would release its preliminary first-quarter numbers on November 15. The company was originally scheduled to report first-quarter results on November 7.
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With today’s price erosion, Catalent stock has now corrected by nearly 23.3% over the past month. In September, Catalent received a notice of non-compliance from the NYSE after failing to file its annual report for the year ended June 30, 2023, in a timely manner.
At the time, Catalent noted that it requires additional time to complete the procedures associated with its internal controls over financial reporting. The company plans to file the annual report within the six-month period from the receipt of the NYSE notice.
Shares of the company have been under pressure since the receipt of the NYSE notice, and investor sentiment in the stock seems to have taken a further hit after today’s announcement.
Meanwhile, analysts expect Catalent to incur a net loss per share of $0.13 on revenue of $934.93 million for the quarter. In the comparable year-ago period, Catalent’s EPS of $0.34 had missed the Street’s expectations by a wide margin of $0.22.
What is the Target Price for Catalent Stock?
Overall, the Street has a Moderate Buy consensus rating on Catalent. The average CTLT price target of $52.40 implies a 31.3% potential upside.
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