The following ratings changes were generated on Wednesday, March 18.
We've downgraded biotechnology company Abraxis BioScience(ABII Quote) from hold to sell, driven by its feeble growth in its earnings per share and deteriorating net income.
Earnings per share declined steeply in the most recent quarter compared with the same quarter last year; in fact, the company has suffered a two-year pattern of declining EPS. Nte income fell from -$5.2 million in the year-ago quarter to -$181.9 million, significantly underperforming the S&P 500 and the biotechnology industry. The 93.5% gross profit margin is very high, though it has decreased from the same period last year. The -197.3% net profit margin significantly underperformed the industry average. Return on equity significantly underperforms the industry average and the S&P 500.
Shares are down 15.5% over the past year, reflecting in part the market's overall decline, which was actually deeper. ...
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