10 Battered Biotech Stocks That Hit 52-Week Lows Friday

Page 1 of 2

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.

Our backtests that covered the period between 1999 and 2012, showed that following the 15 most popular small-caps among hedge funds can help a retail investor beat the market by an average of 95 basis points per month (see more details here).

gene, dna, organism, microarray, health, green, life, human genome, biotechnology, genetic diseases, disease, molecular biology, modern medical, micro structure,

Yang Nan/Shutterstock.com

Avinger Inc (NASDAQ:AVGRshares 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.

Follow Avinger Inc (NASDAQ:AVGR)

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.

Follow Ladrx Corp (NASDAQ:LADX)

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.

Follow Reshape Weightloss Inc. (NASDAQ:RSLS)

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.

Follow Great Basin Scientific Inc. (NASDAQ:GBSN)

On the next page we’ll run through the remaining six biotech stocks that sunk to yearly lows on Friday.

Page 1 of 2