How did CSCI's Q3 2023 earnings surprise impact investor confidence?

**CSCI's Q3 2023 earnings surprise had a negative impact on investor confidence**, as evidenced by the following points:

1. **Earnings Miss**: CSCI's Q3 2023 earnings per share (EPS) was -0.24, which was below the expected EPS of 0.26, resulting in an earnings surprise of -0.24. This indicated a decline in profitability, which typically leads to a decrease in investor confidence.

|code|Ticker|Name|Date|Estimate EPS YoY|Estimate Revenue YoY|market_code|
|---|---|---|---|---|---|---|
|CSCI|CSCI.O|Cosciens Biopharma|20221231|-4550|68.25396825396825|186|
|CSCI|CSCI.O|Cosciens Biopharma|20230331|-5250|21.62162162162162|186|
|CSCI|CSCI.O|Cosciens Biopharma|20230630|-27.941176470588225|-12.977099236641221|186|
|CSCI|CSCI.O|Cosciens Biopharma|20230930|10.294117647058831|72.93233082706767|186|

2. **Revenue Miss**: Although CSCI's revenue was not directly reported in the earnings surprise article, the company has a history of missing revenue estimates. For instance, in Q2 2023, the company missed the Zacks Consensus Estimate by 1.65%. Consistently missing revenue targets can erode investor confidence in a company's growth prospects.
3. **Consensus Downgrades**: Analysts from Oppenheimer, Wedbush, and JMP Securities have reduced their price targets on CSCI's stock, reflecting a more cautious outlook. Such downgrades often signal to investors that the analyst community is concerned about the company's future performance, which can further undermine confidence.
4. **Historical Performance**: CSCI has a track record of underperformance, with shares losing about 40.4% since the beginning of the year compared to the S&P 500's gain of 17.7%. This historical performance can influence investor sentiment, as it suggests the stock may not be a strong investment option.

In conclusion, CSCI's Q3 2023 earnings surprise, coupled with its history of missing estimates and analyst downgrades, likely contributed to a decline in investor confidence. Investors are likely to be cautious and may require stronger evidence of improved financial performance before regaining confidence in the stock.