Paratek Pharmaceuticals Inc
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Health Care : Pharmaceuticals | Small Cap Growth
Company profile

Paratek Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics based upon tetracycline chemistry. Its product candidates are the antibacterials omadacycline and sarecycline. Omadacycline is an antibiotic being developed for use as an empiric monotherapy option for patients suffering from serious, community-acquired bacterial infections. Sarecycline is a tetracycline-derived compound designed for use in the treatment of acne and rosacea. Its other product candidates are tetracycline-derived, molecular entities and are designed to utilize the recognized immune-modulation, anti-inflammatory and other beneficial properties of the tetracycline class. These research stage programs include product candidates for multiple sclerosis, spinal muscular atrophy, systemic inflammatory diseases, such as rheumatoid arthritis and inflammatory bowel diseases.

Price
Delayed
$5.13
Day's Change
0.02 (0.39%)
Bid
--
Ask
--
B/A Size
--
Day's High
5.45
Day's Low
5.12
Volume
(Light)

Today's volume of 32,265 shares is on pace to be much lighter than PRTK's 10-day average volume of 319,572 shares.

32,265

UPDATE: Adobe stock rises as coronavirus work-from-home shift boosts subscription revenue

5:28 pm ET June 11, 2020 (MarketWatch)
Print

By Wallace Witkowski, MarketWatch

Earnings come in above consensus, but total revenue doesn't

Adobe Inc. shares rose in the extended session Thursday after the software company's earnings and contract revenue topped Wall Street estimates as the drive for mobile workplaces because of COVID-19 increased demand for its digital products.

Adobe (ADBE) shares rose 4.4% after hours, following a 4.7% decline in the regular session to close at $387.67.

The use of digital documents as millions of people shifted to work-from-home environments because of the COVID-19 pandemic was a huge driver in the company's digital products, the company said.

"The tectonic shift toward 'all things digital' across all customer segments globally will serve as a tailwind to our growth initiatives as we emerge from this crisis," said Shantanu Narayen, president and chief executive of Adobe, in a statement.

The company reported second-quarter net income of $1.1 billion, or $2.27 a share, compared with $632.6 million, or $1.29 a share, in the year-ago period. Adjusted earnings were $2.45 a share, compared with $1.83 a share a year ago. Revenue rose to $3.13 billion from $2.74 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of $2.32 a share on revenue of $3.16 billion.

When Adobe reported earnings back in March, (http://www.marketwatch.com/story/adobe-results-top-expectations-but-outlook-misses-as-coronavirus-impacts-customer-spending-2020-03-12)the company had forecast second-quarter earnings of about $2.35 a share on revenue of about $3.18 billion, factoring in uncertainty over COVID-19, while the Street had modeled earnings of $2.33 a share on revenue of $3.22 billion.

Annual recurring revenue, a software-as-a-service metric that shows how much revenue the company can expect based on subscriptions, for digital media was $9.17 billion. Analysts had forecast $9.11 billion.

That record ARR highlighted "how mission-critical creative and document solutions are in engaging remotely," said John Murphy, Adobe chief financial officer, in a statement.

ARR for Adobe's creative segment was $7.93 billion, while the Street had forecast $7.92 billion, and ARR for its document cloud segment was $1.24 billion, compared with the Street forecast of $1.19 billion.

Adobe expects third-quarter adjusted earnings of about $2.40 a share on revenue of about $3.15 billion, while analysts had forecast earnings of $2.46 a share on revenue of $3.26 billion. The company is not forecasting results for the year citing the "macroeconomic environment and the strategic shifts for advertising cloud."

Of the 28 analysts who cover Adobe, 19 have buy or overweight ratings, eight have hold ratings, and one has an underweight rating, along with an average price target of $365.65, according to FactSet data.

Adobe shares are up nearly 18% for the year, contrasting with a 7% decline in the S&P 500 index and compared with a 6% rise in the tech-heavy Nasdaq Composite Index and a 12% increase in the iShares Expanded Tech-Software Sector ETF (IGV) .

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

June 11, 2020 17:28 ET (21:28 GMT)

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