Fusion Antibodies PLC (LON:FAB) shares plunged in early trading Monday after it said that its results for the 2019 financial year would be “significantly behind current market expectations”.
The AIM-listed antibody developer said in an update that while trading for the 2018 financial year is in line with market expectations, delays in securing some large contracts, in addition to slower than anticipated trading in the current financial period had led to the downgrade in its predictions for 2019.
Modest year-on-year revenue growth expected
Despite the lowering of forecasts, the company said it still expected to achieve “modest year on year revenue growth”, adding that it had completed its laboratory capacity extension.
Fusion Antibodies shares were down 32.9% at 81.5p.