Quantum Health Resources Stock Falls in Heavy Trading : Securities: Cancellation of analysts’ presentation and a skeptical brokerage prompt $4.44 dip to $26.19.

The stock of Quantum Health Resources Inc. fell sharply in heavy trading Wednesday after the company abruptly canceled an analysts’ presentation and a brokerage cast doubt on the company’s earnings outlook.

The stock closed at $26.19 a share, down $4.44, and was the second most active issue in the day’s Nasdaq trading.

Quantum, a national provider of therapies and support services to patients with chronic diseases, canceled a scheduled presentation at a Smith Barney health care conference Wednesday, a Smith Barney source said.

Jan Brodowski, administrative assistant to Quantum’s chairman, Douglas Stickney, confirmed that Stickney canceled his presentation, citing a “business issue.” Brodowski would not say what the issue was or whether the company plans to make a further statement.

The company’s cancellation at the Smith Barney conference, coupled with comments by a Piper Jaffray Inc. analyst, raised concern that the company might report lower-than-expected fourth-quarter earnings, stock traders said.

Quantum plans to release its quarterly results later this month, Brodowski said.

John Penshorn, the Piper Jaffray analyst, said he expects Quantum to report fourth-quarter earnings of 37 cents a share, only slightly below his earlier estimate of 38 cents.

“I can’t imagine one cent doing this to the stock price,” he said.

Penshorn said he based his comments on his belief that a unit of Quantum has signed an agreement to provide care for people with hemophilia. “They would become a mini-HMO for hemophiliacs,” he said.

The contract “has a lot of good potential, but it changes the company from somebody who’s serving patients on a fee-for-service basis to somebody who is at risk” of losing money, Penshorn said. “They would get paid ‘X’ number of dollars and handle all the doctors, hospitals, medicine and all the costs.”

Penshorn said he did not know the size of the agreement or the other parties involved.

Also hurting Quantum stock was speculation that one of the company’s top executives had been hospitalized. Brodowski denied that speculation. “Everybody is quite healthy,” she said.