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TheStreet Open House

Why Senomyx (SNMX) Is Lower on Thursday

NEW YORK (TheStreet) -- Senomyx (SNMX) is tumbling on Thursday after posting below-consensus financials in its fourth quarter.

By late afternoon, shares had taken off 5.4% to $10.56.

Trading volume of 1.2 million was nearly double its three-month daily average.

San Deiego-based Senomyx recorded a net loss of 8 cents a share, 2 cents wider than analysts surveyed by Thomson Reuters had anticipated.

Revenue of $7.41 million was short expectations for $7.81 million, and 9.6% lower than a year earlier.

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On Tuesday, shares soared after the company's Sweetmyx ingredient, a flavoring which maintains sweetness in reduced-sugar foods and beverages, was determined to be Generally Recognized as Safe (GRAS) by U.S. regulatory Food and Drug Administration (FDA). PepsiCo (PEP) has exclusive rights to use the flavor worldwide in all non-alcohol beverages.

"Senomyx is starting 2014 well-positioned for commercial growth and continued achievements with our R&D and regulatory efforts," said CEO John Poyhonen in a statement.

For fiscal 2014, management expects revenue between $32 million and $35 million with a net loss of 23 cents to 28 cents a share.

Analysts forecast revenue of $35.45 million and a net loss of 15 cents a share.

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