The markets have been strong over the past two weeks, bucking expectations that Britain’s exit from the European Union would lead to a medium-term malaise in the market. That has included the Nasdaq, which after a 2-day post-Brexit slide, has gained almost 10%, soaring 3% past its pre-Brexit mark.
However, not all Nasdaq stocks have been enjoying the recent surge in their index or the markets as a whole. A host of biotech stocks crumbled to their 52-week lows on Friday as they deal with disappointing study results and other negative catalysts that have pushed their shares to their lowest point in the past year. We’ll take a look at ten such stocks in this article and check on their performance.
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Avinger Inc (NASDAQ:AVGR) shares crumbled to their 52-week low of $6.16 on Friday and are down by 71% year-to-date. Part of the reason for the slide last week was a second quarter earnings revision issued by the company. In a piece by our friends at Market Exclusive, author Mark Collins is of a mind that while the revision was certainly disappointing, the sell-off of the stock was overdone and creates an attractive buying opportunity.
CytRx Corporation (NASDAQ:CYTR) shares tanked on July 12 after study data was released showing that the company’s cancer drug aldoxorubicin did not show a significant improvement in progression free survival compared to investigator’s choice therapy. The company blamed a clinical hold that had been put on the trial for the disappointing results. The market is not convinced and shares have continued to fall, hitting a 52-week low of $0.55 on Friday.
It was a volatile week for shares of EnteroMedics Inc (NASDAQ:ETRM), as the stock jumped by 30% on Wednesday only to plummet over the next two trading sessions and hit its 52-week low of $0.20 on Friday, though shares rebounded somewhat to close the week at $0.26. The medical device maker’s shares have lost 96% of their value over the last year.
Weak preliminary second quarter results sank Great Basin Scientific Inc (NASDAQ:GBSN) last week, pushing its shares down to a 52-week low of $1.05 on Friday. Shares have fallen into a great basin of their own, losing a horrific 97% of their value in 2016.
On the next page we’ll run through the remaining six biotech stocks that sunk to yearly lows on Friday.