OAO Pharmstandard (PHST) fell to a three- year low in London after Uralsib Capital cut its price estimate following a decline in first-quarter revenue.
Pharmstandard’s global depositary receipts lost 2.4 percent to $12.80 as of 4:27 p.m. in London, the lowest level since June 2009. The GDRs fell as much as 20 percent to $10.51 earlier.
Uralsib cut its 2012 price estimate 13 percent to $21, according to an e-mailed note. First-quarter revenue fell 31 percent to 2.93 billion rubles ($90 million) from a year earlier, the company said on May 16.
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