The East Rutherford, N.J., company's stock fell 49 cents, or 4.7 percent, to close at $10.03 Monday, having hit a low of $9.65 earlier in the day. That level is below its 52-week low of $9.91.

On Thursday, Cambrex reported a third-quarter profit of $1.5 million, compared with a $4.3 million loss in the year-earlier quarter. Revenue rose 2 percent to $54.6 million.

In a note to investors Monday, Longbow Research analyst Dmitry Silversteyn downgraded the stock to "Neutral" from "Buy." He expressed pessimism over the company's near- and midterm prospects, beyond the possibility of being sold, and concerns over domestic operations.

"U.S. operations (are) unlikely to reach break-even let alone profitable operations for the next several years ... Cambrex's value realization appears wholly dependent on a transaction event, in the absence of which the stock should continue to trade in the $10-$12 range," Silversteyn said.

He said while third-quarter sales rose 2 percent from a year ago, the results were down nearly 2 percent in local currencies.

Silversteyn also said while management did reduce general and administrative expenses during the quarter, the expected fourth-quarter reduction will likely not be enough to boost the profitability of domestic operations.

In a note to clients, JPMorgan analyst Jeffrey J. Zekauskas reiterated a "Neutral" rating, saying Cambrex reported weak third-quarter performance due to lower sales, lower prices and a high tax burden.