Towards the end of Wednesday’s trading all three of the major indices were solidly in the green. However, these four stocks suffered double-digit percentage point losses on Wednesday.
Global Blood Therapeutics Dips On Concerning Chatter
Global Blood Therapeutics (NASDAQ: GBT), a clinical-stage biopharmaceutical company that focuses on the treatment of blood-based disorders, saw its stock trade lower by more than 13 percent on no notable news.
However, Sasha Damouni Ellis, a healthcare journalist with Bloomberg News, tweeted that the stock “started to tumble after doctors during today’s Cowen panel were “skeptical” about GBT440 mechanism, an attendee told me.”
Shares of Global Blood are now lower by nearly 40 percent since the start of 2016.
AZZ: Disappointing Outlook
AZZ (NYSE: AZZ), a provider of galvanizing services, welding solutions and specialty electrical equipment, saw its stock tumble by around 13 percent after the company reported its second quarter results and provided an update to its guidance.
AZZ said that it earned $0.55 in the second quarter on revenue of $195.04 million. Both of these metrics fell short of the $0.72 per share and $223.06 million Wall Street analysts were expecting.
In addition to a disappointing top-and-line quarter, the company said that it now expects its full year fiscal 2017 results to “fall slightly below” its previously issued guidance. AZZ previously guided its full year earnings per share to be in a range of $3.15 to $3.45 on revenue of $930 million to $970 million.
Shares of AZZ are still higher since the start of 2016 but by just 1 percent.
Immunomedics Loses One Quarter Of Its Value
Immunomedics (NASDAQ: IMMU) is a clinical stage biopharmaceutical company that focuses on the treatment of cancer, autoimmune disorders and other serious diseases, saw its stock plunge by around 25 percent.
Immunomedics issued a stock offering at a price below its market value. The company plans on raising $30 million at a price of $3 per share, a notable discount to Tuesday’s closing price of $3.28.
The company plans on using the proceeds to support its clinical trials and for working capital and general corporate expenses.
After Wednesday’s decline, shares are now lower by nearly 20 percent since the start of 2016 and lower by more than half of its value since peaking at $5.44.