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PharmaNet Shares Get Hammered
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OKLAHOMA CITY -- While other healthcare companies posted some weak metrics on Thursday, PharmaNet (PDGI Quote) may have suffered through the worst quarterly checkup of all.
Once again, PharmaNet has been hit hard by cancelled orders for clinical drug trials. As a result, the Princeton, N.J.-based company swung to a first-quarter loss, badly missing Wall Street estimates. Its stock plunged 30% to a new 52-week low of $16.80 on the news.
Even Smith & Nephew (SNN Quote) and Cigna (CI Quote), plagued by their own quarterly setbacks, escaped that kind of pain. ...
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