DURHAM — Durham-based Dova Pharmaceuticals Inc. posted third-quarter earnings that surpassed expectations, according to a filing with the Securities and Exchange Commission. But its shares still dropped in trading on Monday.
The company posted revenues of $2.93 million for the quarter ended September 2018, surpassing the Zacks consensus estimate by 10.11 percent. This compares to zero revenues a year ago.
Net loss for the third quarter of 2018 was $19.5 million, or 69 cents per share, compared to $9.7 million, or 38 cents per share, for the third quarter of the previous year.
Analysts were expecting a net loss of 82 cents per share.
The company’s shares fell $2.41, or 12.49 percent, to $16.98 on Friday. Shares fell again on Monday to just over $16.
Shares in Dova (Nasdaq: DOVA) shares have lost about 35 percent since the beginning of the year versus the S&P 500’s gain of 5.3 percent.
Dova, a pharmaceutical company focused on acquiring, developing and commercializing drug candidates for diseases where there is a high unmet need, was formed in March 2016. In that month, Dova acquired the worldwide rights to avatrombopag from Eisai, a Japanese pharmaceutical company.
Avatrombopag, which was renamed DOPTELET, is a prospective treatment for thrombocytopenia in patients with chronic liver disease. The drug was approved in May by the Food and Drug Administration.
“We continued to make steady progress in the third quarter with both our launch efforts for DOPTELET for patients with thrombocytopenia associated with chronic liver disease as well as the potential expansion of DOPTELET for additional indications,” said CEO Alex C. Sapir in a statement.
The FDA has recently accepted the avatrombopag supplemental New Drug Application for review for the treatment of chronic immune thrombocytopenia.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism