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Senomyx Gets Shellacked

The stock drops 16% after a warning on revenue.

Senomyx

(SNMX)

sank after the company reported disappointing third-quarter results and revised its sales guidance lower.

Lately, the stock was dropping $3.04, or 16.7%, to $15.19.

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The company reported a loss of $5 million in the quarter, compared with $4.7 million a year ago. On a per-share basis, Senomyx lost 17 cents compared with 18 cents a year ago. Analysts surveyed by Thomson First Call expected a loss of 19 cents a share.

Senomyx reported revenue of $3.2 million in the quarter compared with $2.1 million last year. Analysts were expecting the top line to reach $3.73 million.

For the full year, the company lowered its revenue guidance to between $12 million and $13 million from $14 million to $16 million based on the timing of collaborative agreement milestones.

Senomyx also said it entered a new marketing agreement with Ajinomoto granting the company exclusive worldwide rights to its natural flavor ingredients.