Schneiders shares dropped more than 9% on Wednesday following the company’s announcement that it would raise $100 million in new financing.
The stock was up more than 4% to $7.70 by the time the news broke.
Schneiers stock is down more than 1% this year, and analysts are warning investors that it could take years for the company to turn around.
Schneiders CEO Peter Schneier, who was CEO of the pharmaceutical giant from 1997 to 2010, said the company was “not going to recover from this, it’s not going to be a comeback.”
Schneider shares dropped by 9% at the start of trading.
Schneier has made a name for himself in the pharmaceutical industry, leading to the creation of drug-related patents.
He said he would continue to invest in research and development in a bid to find a cure for the pandemic.
He also made a plea for Americans to keep investing in the U.S. and said there was no reason for Americans not to invest.
Schneiers shares are down more a whopping 6.4% this month.
Schoneys CEO said he’s not afraid of a “collapse” in the market.
“If there is a collapse and it starts to hurt our business, then that’s when we’ll be in a real position to really make some tough decisions,” Schneie said.
“We’re not going anywhere.
We’re not gonna stop investing.
We’ll keep investing.”
Schoneies shares have been on a tear this year.
The company is now worth more than $600 million.