Shares of Gene Logic(GLGC) were among the worst-performing health-related stocks Thursday, plunging 34% after the provider of drug discovery and development services withdrew its 2006 and 2007 guidance.
The company said that revenue at its genomics division during the second quarter and full year will be significantly lower than expected. What's more, the company said lower-than-expected revenue would hurt operating results at the division for the "foreseeable future." In the meantime, the company is reviewing its genomics division strategy.
Gene Logic also announced the departure of Dennis Rossi, senior vice president and general manager of its genomics unit. The company said Rossi left for personal reasons and to pursue other opportunities. Shares were trading down 68 cents to $1.34. ...
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