Shares of NanoString Technologies Inc. ntsg plunged 32.8% toward a two-year low in morning trading Wednesday, enough to make them the biggest losers trading on major U.S. exchanges, after the provider of life science discovery tools warned about a revenue miss, citing execution missteps. The company said late Tuesday that it now expects first-quarter product and service revenue of $31 million, below the previously provided guidance range of $34 million to $38 million. Chief Executive Brad Gray said the disappointing revenue was a result of uneven sales execution, which resulted in an “imbalance” between capturing fourth-quarter revenue and developing first-quarter opportunities, something that was compounded by changes made to re-align the company’s commercial team. Stifel Nicolaus analyst Daniel Arias reiterated his buy rating and $70 stock price target, saying he believed the “unwelcome execution setback” is more like a speed bump than a structural issue, and the stock’s selloff appeared to be “way overdone.” The stock, which is on track for the lowest close since March 24, 2020, has plummeted 70.3% over the past 12 months, while the S&P 500 SPX,
Source: Marketwatch
