Benchmark upgraded Emergent BioSolutions (NYSE:EBS) to Buy, despite the company missing its EPS estimates in the fourth quarter.
The upgrade brought no cheer to the investors, as the shares were down 15% as at 11:22 am ET.
Benchmark said the new CEO Joseph Papa points to signs of life, and added it saw the Q4 results as upbeat.
The company had seen its shares surge on Feb. 21, after Bausch and Lomb’s (BLCO) former chief, Papa, was appointed at the helm of EBS.
Emergent BioSolutions, which reported its Q4 results a day earlier, posted an adjusted loss per share of $0.77, which missed estimates by $0.45, but its revenue of $276.6M, beat expectations by $2.6M.
