ICN Biomedicals Cannot Account for 14.4% Drop in Stock Price
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ICN Biomedicals Inc., a Costa Mesa medical technology firm, said it knew of no reason why the price of its stock fell 14.4% in active trading Friday.
ICN Biomedicals closed at $11.125 a share Friday, down $1.875, on volume of 53,600 shares. It was the biggest percentage loser on the American Stock Exchange.
The stock has been declining steadily for several weeks. Friday’s closing price marks a 23.9% decline from the stock’s high of $14.625 per share on Jan. 12.
ICN Biomedicals, which makes products for biotechnological research and medical diagnoses, has not yet reported sales and earnings for the fiscal year ended Nov. 30, 1988. The firm said it expects to report its annual results soon.
For the 9 months ended Aug. 31, 1988, the company reported net income of $3.5 million on sales of $37.6 million.
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