(Reuters) - Universal Display Corp (PANL.O) shares fell as much as 17 percent on Tuesday, a day after the company, which develops organic light emitting device technologies, reported a wider-than-expected first-quarter adjusted loss, partly hurt by higher research and development expenses.
Research and development expenses rose to $6.6 million, from $4.8 million, while operating expenses rose 45 percent.
For the first quarter, the company reported a net loss of $11.9 million, or 31 cents a share, on revenue of $9.6 million.
On an adjusted basis, it posted a loss of 8 cents share, according to Thomson Reuters I/B/E/S. Analysts were expecting a loss of 3 cents per share.
Canaccord Genuity downgraded Universal Display, which has a market value of $2.57 billion, to “hold” from “buy” rating.
Shares of the Ewing, New Jersey-based company were trading down 15 percent at $47.97 Tuesday on Nasdaq. They touched a low of $47.01 earlier in the session.
Reporting by Fareha Khan in Bangalore;Editing by Vyas Mohan