The Mayne Pharma Group Ltd (ASX: MYX) share price touched near a multi-year low at 51.5 cents this afternoon despite the pharmaceutical drugs retailer not releasing any specific news to the market.
The stock has drifted a total of 22% lower since the company revealed to the market on May 14 that sales of its core generic drugs products had tumbled 32% over the period January to April 2019. The group blaming the sales fall on increased competition and "generic market trading pressures".
"Whilst recent trading reflects a challenging generic environment, the Company expects the 4QFY19 to be stronger driven by a rebound in Generic Products, combined with ongoing growth in Specialty Brands, Metrics Contract Services and Mayne Pharma International," commented CEO Scott Richards.
However, it seems investors don't have a great deal of faith in the forecast for a stronger final quarter to financial year 2019, with the stock now down around 75% since August 2016.
Therefore bargain hunters appear on a watching brief at least until the company hands its results come August 2019.
