NEW YORK (TheStreet) -- Shares of Halozyme Therapeutics, Inc. (HALO) are sharply down 6.06% to $8.76 in late morning trading Tuesday, after the drug maker released disappointing third quarter earnings late yesterday.
The biopharmaceutical company reported a third quarter net loss of $20.3 million, or a loss of 16 cents per share, compared to a loss of 17 cents per share from the third quarter of 2013, and but worse than the consensus estimate of a loss of 14 cents per share.
The San Diego-based company posted revenue of $14.6 million for the period, lower than $16 million from the same quarter of last year, and missing the $16.45 million analysts expected.
The company said in a statement that it "completed a corporate reorganization to align with strategic priorities, and will incur a one time charge in the fourth quarter of 2014 that will be largely offset by reduced compensation expenses during the quarter."
Separately, TheStreet Ratings team rates HALOZYME THERAPEUTICS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALOZYME THERAPEUTICS INC (HALO) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself."