Shares of Endo International plc ENDP traded as high as $6.94 Monday morning, but gave up some of the gains by the afternoon. The stock was still higher by more than 5 percent in reaction to the company's preliminary third-quarter results.
Endo said on Monday it expects to report earnings of 85 cents per share in the third quarter on revenue of $785 million. Wall Street analysts were expecting the company to earn 66 cents per share on revenue of $784 million -- implying a top and bottom line beat is in store.
Endo also guided its full year fiscal 2017 sales to be in a range of $3.38 billion to $3.53 billion and earn $3.35 to $3.65 per share. This compares to Wall Street's current expectations of $3.47 billion and $3.52 per share.
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Endo's stock is no stranger from high volatility and wild daily swings. Shares of the generics and specialty branded pharmaceutical company lost more than 14 percent on Friday after the company initiated a lawsuit against the U.S. Food and Drug Administration. The company will be asking a court to declare the FDA's current bulk compounding norms to be unlawful.
Nearly 14 million shares of Endo changed hands by early Monday afternoon, which is unusually large compared to the average total daily trading volume of just 5.39 million shares.
The company will officially release its third-quarter earnings report on Nov. 9.
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