Shares of healthcare company Catalent (NYSE:CTLT) are nosediving today after the company provided a key business update.
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The company expects its third-quarter numbers to see an impact from productivity challenges and higher-than-estimated costs at three of its units. Catalent is slated to announce third-quarter results on May 9. Analysts expect the company to post an EPS of $0.67 on revenue of $1.15 billion for the period.
Additionally, the company’s President and Division Head for Clinical Development & Supply, Ricky Hopson is acting as its interim CFO while Catalent scouts for a candidate to fill the role permanently. The development comes after the departure of Catalent’s Senior Vice President and CFO Thomas Castellano on April 13.
Overall, the Street has an $82.11 consensus price target on CTLT, pointing to a 29.7% potential upside in the stock. That’s after a 39.3% surge in CTLT shares so far this year.
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