Inovio Pharmaceuticals stock plunged nearly 6% Thursday, and its shares fell below $100 in premarket trading.
The company reported a net loss of $11.4 million for the third quarter ended June 30, a far cry from the $10.5 million it posted in the year-ago quarter.
The stock has also shed nearly 2% in 2017, and the company reported revenue of $7.5 billion, a decline of 10% from the same period last year.
The stock fell almost 6% in pre-market trading Thursday.
The drug maker reported a $11 million loss on sales of $4.7 billion.
Ritters chief executive Officer and CEO, Richard T. Ritter, said in a statement that “we’re taking the necessary steps to ensure that Rittery is able to meet our long-term financial goals and achieve the strategic objectives set forth by our board of directors.”
Ritter said the company will focus on growth in areas like global expansion and the healthcare sector.
“We’ve focused on expanding our core healthcare business to include specialty medicines, in addition to the broader pharmaceutical portfolio.
We’re focused on our strategic growth plans and plan to continue our momentum through 2021,” he said.