Stocks are extending losses on Tuesday, mainly due to healthcare sector, which is down over 2%, and slipping crude prices. The Dow Jones industrial average fell around 170 points, while S&P 500 and NASDAQ down over 1% each. Among the big losers today include Supernus Pharmaceuticals Inc (NASDAQ:SUPN), Rent-A-Center Inc (NASDAQ:RCII), Msci Inc (NYSE:MSCI), Integrated Device Technology Inc (NASDAQ:IDTI), and IntelliPharmaCeutics Intl Inc (USA) (NASDAQ:IPCI). In this article, we will find out why these stocks have tumbled and also analyze the hedge fund sentiment towards them to get a clearer picture.
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Supernus Pharmaceuticals Posts Results of ADHD Drug Trial
Supernus Pharmaceuticals Inc (NASDAQ:SUPN)’s stock gained over 5% this morning before going deep in the red after the company announced positive top-line results from its Phase IIb dose-ranging clinical trial of SPN-812 in children for the treatment of attention deficit hyperactivity disorder (ADHD). The trial successfully met its primary endpoint, and achieved “statistically significant” improvement in the symptoms of ADHD, according to a statement released by the Maryland-based pharmaceutical company. However, patients receiving SPN 100 mg had a -16.7 point change from baseline in the primary endpoint and a median effect size of 0.46, which falls short of statistical significance. The company said only two patients experienced three adverse events of severe category, and there were no deaths in the study. A total of 18 funds from our database were long Supernus Pharmaceuticals Inc (NASDAQ:SUPN) at the end of June, down from 24 funds a quarter earlier.
Rent-A-Center Posts Dismal Q3 Estimates
Rent-A-Center Inc (NASDAQ:RCII)’s stock has lost over 29% after the company said it expects third-quarter earnings per share between $0.5 and $0.15, well below the consensus estimate of $0.39. Same-store sales in the US are expected to come in at 12%, while same-store sales for Acceptance Now brand stores are expected to be flat on the year. Rent-A-Center Inc (NASDAQ:RCII)’s CEO Robert Davis said in a statement that the company faced “performance issues” and outages after making a transition to a new point-of-sale system and added that it would take “several quarters” to recover from the effects of the transition. However, Davis is hopeful about the improvement in system performance. At the end of the second quarter, 19 funds tracked by Insider Monkey held stakes in Rent-A-Center Inc (NASDAQ:RCII).
Move on to the next page to read why Msci, Integrated Device Technology and IntelliPharmaCeutics are losing value today.