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Omar Venerio
Omar Venerio
Articles (1580) 

2 Stocks Move Strongly on Friday

Finisar falls, Urovant Sciences rises on financial results

June 14, 2019 | About:

Shares of Finisar Corp. (NASDAQ:FNSR) fell almost 2% on Friday after announcing fourth-quarter results on Thursday. The company posted earnings of 27 cents per share on $310.09 million in revenue, reflecting flat growth from the prior-year quarter. The company's earnings beat estimates by 1 cent and revenue was $14.26 million short of expectations.

For full fiscal 2019, the net loss was $53.2 million, or 45 cents per share, compared with a net loss of $48.3 million, or 42 cents per share, in fiscal 2018.

Cost of revenues during the quarter was 70%, or $218.5 million, while the gross profit was $87.3 million higher than previous quarter. The gross margin was 28.2% compared with 20.2% in the year-ago quarter.

Moreover, total operating expenses rose by $9.3 million to $98.6 million amid higher startup costs.

The company did not provide guidance for the first quarter of fiscal 2020.

Shares of Urovant Sciences Ltd. (NASDAQ:UROV) jumped 6% on Friday after the company announced a fourth-quarter loss of 96 cents per share on Thursday.

“Urovant Sciences achieved key milestones for several clinical programs for vibegron, an investigational beta-3 adrenergic agonist, driving us closer toward the goal of developing a leading specialty urology company,” CEO Keith A. Katkin said. “We were pleased to announce positive topline data from EMPOWUR, our robust Phase 3 trial of vibegron as a treatment for adults with symptoms of overactive bladder, which demonstrated significant clinical efficacy on both co-primary endpoints, as well as all seven key secondary endpoints.”

During the quarter, research and development expenses were $22.9 million and general and administrative expenses were $5.9 million.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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