Although the broader markets are just down by a fraction of a percent, shares of five companies, PTC Therapeutics, Inc. (NASDAQ:PTCT), W&T Offshore, Inc. (NYSE:WTI), Skypeople Fruit Juice Inc (NASDAQ:SPU), Pearson PLC (ADR) (NYSE:PSO), and Opus Bank (NASDAQ:OPB), are losing considerably more ground on Monday.
In this article, we examine what is going on with the five stocks and see how the investors from our database are positioned towards each company.
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PTC Therapeutics, Inc. (NASDAQ:PTCT) shares have slid by 35% after the company provided a disappointing regulatory update on its lead product/product candidate Translarna for the treatment of nonsense mutation Duchenne muscular dystrophy. According to the update, the FDA denied PTC’s first appeal of the refuse to file letter issued by the agency on February 22, 2016 regarding PTC’s NDA for Translarna. According to the company, PTC intends to escalate its appeal to the next supervisory level of the FDA. In addition, PTC disclosed that the CHMP of the EMA issued a request for supplemental information, including a request categorized as a major objection. The renewal of PTC’s MAA in Europe generally requires PTC to adequately address the points raised in the major objection. The major objection relates to the efficacy and overall risk-benefit profile of Translarna. Of the 749 funds we track, 13 funds owned $22.28 million worth of PTC Therapeutics, Inc. (NASDAQ:PTCT)’s stock, which accounted for 9.20% of the float on June 30, versus 12 funds and $40.31 million, respectively, on March 31.
W&T Offshore, Inc. (NYSE:WTI) is down by 6.4% after Barclays analyst Thomas Driscoll downgraded the stock to ‘Underweight’ from ‘Equal Weight’ and trimmed his price target to $1 per share from the previous $2. Driscoll downgraded the stock because he is somewhat concerned about the company’s leverage situation and the broader difficult off-shore drilling environment. The number of funds from our database with holdings in W&T Offshore, Inc. (NYSE:WTI) inched up by one quarter-over-quarter to six at the end of June.
On the next page, we find out why traders are selling Skypeople Fruit Juice, Pearson PLC, and Opus Bank.