ADMA stock plummeted Thursday after the company’s auditor unexpectedly resigned. But ADMA Biologics (ADMA) kept its guidance for this year and next.
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The company makes immunoglobulin for patients with compromised immune systems. It’s the top stock in the IBD 50 and has perfect IBD Digital Composite and Relative Strength ratings.
But ADMA stock collapsed 11.5%, trading at 18, after the company said in a filing with the Securities and Exchange Commission that its current independent registered public accounting firm, CohnReznick LLP, will resign after filing the report for its quarter ended Sept. 30.
CohnReznick isn’t required to — and did not — seek ADMA’s permission to resign. The board and the audit committee didn’t take part in CohnReznick’s decision, ADMA said in its 8k filing.
Importantly, the company reiterated its guidance for 2024 and 2025. The company still expects sales to come in at $400 million and $445 million, respectively.
More to follow.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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