Shares of Enzo Biochem ( ENZ) dipped Monday as investors ignored news that the Food and Drug Administration had lifted a clinical hold on its prospective HIV treatment and concentrated instead on the company's lackluster third-quarter earnings announcement.

Enzo reported third-quarter net income of $1.2 million, or 4 cents a share, compared with a profit of $2.6 million, or 8 cents a share, a year ago, even as operating expenses fell.

"The decline in results for the three months resulted from reduced orders of research products from life sciences distributors," the company said in a press release.

Enzo's revenue for the third fiscal quarter was $11.6 million, down from $15 million for the same quarter last year. The biotechnology company's clinical labs unit posted $7.5 million in revenue. Enzo said revenue for its life sciences unit amounted to $4.2 million.

Separately, Enzo reported that its HIV gene therapy drug, called StealthVector, will be back back in clinical trials now that the FDA removed the hold that had been placed on it and other gene therapy drug trials, a cautionary measure in response to learning that two children who received a retrovirus in a French gene therapy study were diagnosed with leukemia. After an analysis of the data from Enzo's clinical trial subjects, the FDA opted to allow StealthVector to continue being studied.

In recent action, Enzo's shares traded on the New York Stock Exchange for $26.38, down $1.05, or 3.8%.