Here’s Why Senomyx Closed 36 Percent Higher Friday (SNMX)
- Updated: August 3, 2013
Senomyx Inc. (NASDAQ: SNMX) was up 36 percent on Friday and traded 14 times its normal volume after announcing better than expected second quarter earnings.
EPS still didn’t make it into the black at $-0.05 but it’s up from $-0.08 in Q2 of 2012. Analysts were expecting $-0.06. Revenue rose 12 percent year over year to $7.7 million–a slight miss versus analyst consensus of $7.75 million. The company also said that it ended the quarter with $38 million in cash and investments, according to its earnings announcement.
The company also announced that rather than relying on licensing agreements, it will sell certain flavors in its portfolio directly to customers. It’s calling the program its, “direct sales initiative.”
Senomyx is a $157 million company that develops flavor ingredients for the packaged food, beverage, and ingredient supply industries. It’s notable clients include Nestle and PepsiCo (NYSE: PEP)
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Disclosure: At the time of this writing, the author had no position in the company mentioned.
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