Saturday, May 04, 2002
What's the Buzz?
Sell-off sends Kendle into slide
By James Pilcher email@example.com
The Cincinnati Enquirer
Cincinnati-based clinical testing company Kendle International Inc.'s stock price plunged Friday after a sell-off that was sparked when two key analysts downgraded the stock following Thursday's first-quarter earnings report.
The stock dropped 18.3 percent Friday, a day after Kendle announced its first-quarter earnings. It closed at $12.18, with nearly 200,000 shares changing hands, a 52-week high. It had been trading at nearly $17 a share as recently as Tuesday.
According to Bloomberg News, Prudential Securities analyst Eric W. Coldwell downgraded the stock from buy to hold, lowering the stock's target price from $25 to $18 a share. And David H. Windley of Jefferies & Co. cut the stock from accumulate to hold, lowering the stock's target price from $25 a share to $15.
Thursday, the company reported $2.1 million in net income, or 17 cents a share, up from just $262,000 in profits, or 2 cents a share, during the same period last year. But in its earnings report, Kendle said that it had $181 million in advance orders and verbal commitments, less than at this same time last year, when it had $185 million.
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