To The Moon

$Alteryx Inc.(AYX)$ Plummet 22% Amid Disappointing Q3 and Full-Year Outlook; Analysts Downgrade

Alteryx experienced a steep decline of 22% in pre-market trading on Tuesday after revealing an outlook for the third quarter and full year that fell short of expectations.

Despite reporting an adjusted loss per share of $0.37 on revenue of $188 million, surpassing the consensus forecast of a loss per share of $0.67 on revenue of $182.1 million, Alteryx's shares took a hit in response to its weaker-than-anticipated future projections.

Revenue outlook: $210 mln vs. $233.1 mln

However, the company's outlook for the third quarter, with projected revenue of $210 million, widely missed the analyst target of $233.1 million. Similarly, Alteryx's full-year guidance based on an EPS of $0.67 and revenue of $935 million was worse than the consensus expectations of earnings at $0.68 per share on revenue of $984 million.

In response to this guidance, analysts at Piper Sandler downgraded the rating on Alteryx shares from Overweight to Neutral, along with significantly reducing the price target by over 50% to $30 per share.

Loop Capital analysts also downgraded the stock, while Wedbush analysts lowered the price target from $60 to $45 per share. 

2. $Beyond Meat, Inc.(BYND)$ Plunge Over 15% as Revenue and Cash-Flow Revision Fell Short

Shares of Beyond Meat, a plant-based meat-alternative producer, have experienced a significant drop of more than 12%. The sharp decline in the company's stock price follows its disappointing Q2 2023 financial results.

The company noted an adjusted loss of 83 cents per share and $102.1 million in revenue, while analysts polled by Refinitiv expected a loss of 86 cents and revenue of $108.4 million.

Adjusted EPS: -83 cents vs. -86 cents

Revenue: $102.1 mln vs. $108.4 mln

Despite the company's efforts to lower prices on its meatless products, its revenue for the quarter plummeted by 30.5%.

Although investors were concerned about the disappointing Q2 numbers, what truly unsettled them was the company's revision of its cash-flow target.

Beyond Meat had previously stated its intention to achieve positive cash flow by the end of 2023. However, due to unexpected challenges in consumer behavior and market trends, the company now believes this target is unlikely to be met within the specified timeframe.

Amid the disappointing news, there were some positive aspects to Beyond Meat's Q2 2023 results. Gross profit for the quarter reached $2.3 million, in stark contrast to the $6.2 million gross loss in the same period a year earlier.

3. $BioNTech SE(BNTX)$ Faces Sales Slump and Losses Amid Decrease in Covid Vaccine Demand

BioNTech, a German biotech company, announced on Monday that it is cutting down on its drug development expenses due to a significant drop in Covid vaccine sales.

BioNTech reported approximately $185 million in sales, which is significantly lower than the analysts' expectation of $692.4 million, as per FactSet.

Furthermore, BioNTech recorded a per-share loss for the first time since September 2020. On an adjusted basis, the company reported a loss of $1.06 per share for the quarter, in contrast to a gain of $7.01 per share in the same period last year. Analysts had predicted a per-share loss of 30 cents for BNTX stock.

Adjusted EPS: -$1.06 vs. -30 cents

Revenue: $185 mln vs. $692.4 mln

With the decrease in Covid vaccine sales affecting not only BioNTech but also Pfizer and $Moderna, Inc.(MRNA)$ , BioNTech has shifted its focus towards multiple studies in cancer treatment. This includes a final-phase study of a lung cancer treatment in collaboration with privately held OncoC4.

Despite the challenges, BioNTech maintained its sales outlook for the year, projecting approximately $5.5 billion in sales. Analysts had slightly higher expectations of $5.92 billion in sales for BNTX stock. The company's forecast suggests an acceleration in sales during the latter half of 2023. Up until now this year, BioNTech has generated around $1.54 billion in sales.