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.
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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.