Shares were down around 5% on Thursday afternoon despite a beat-and-raise quarter.
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The stock has been a major outperformer lately amid the weakness in tech stocks.
Investors took profits. We weren't among them.
The main story here remains Cobenfy, the company's new schizophrenia drug.
The shares are down about 7% in premarket trading.
While the results and the outlook were great, commentary on the post-earnings call proved to be the most crucia
We're downgrading it back to our 2 rating, meaning we would wait for a pullback before considering adding more shares.
