Ten stocks fell sharply on Tuesday, along with the broader market, as investors positioned portfolios in response to a flurry of corporate news.
Wall Street’s three major indices all finished in the red, with the Nasdaq leading the drop by 0.90 percent, followed by the S&P 500 declining 0.49 percent, and the Dow Jones dipping 0.05 percent.
Indices aside, we name the 10 worst-performing companies on Tuesday and detail the reasons behind their drop.
To come up with the list, we only considered the stocks with a $2 billion market capitalization and 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Zimmer Biomet Holdings Inc. (NYSE:ZBH)
Zimmer Biomet fell to a new 13-year low on Tuesday, slashing 10.53 percent to close at $82.84 apiece despite posting a strong earnings performance in the first quarter, as investors were rattled by the immediate departure of its chief finance officer (CFO).
In an updated report, Zimmer Biomet Holdings Inc. (NYSE:ZBH) announced that CFO Suketu Upadhyay stepped down from his post effective immediately to pursue a new professional opportunity.
Upadhyay will be temporarily replaced by incumbent Chief Accounting Officer Paul Stellato as the interim CFO, while Zimmer Biomet Holdings Inc. conducts an internal and external search for a permanent replacement.
Zimmer Biomet Holdings Inc. Chairman, President, and CEO Ivan Tornos briefly thanked Upadhyay’s stint over the past seven years.
”We are confident [Stellato] is the right leader to provide continuity and steady direction during this transition, as we continue to execute our strategy and deliver on our commitments,” he noted.
Upadhyay’s departure followed Zimmer Biomet Holdings Inc.’s 30.8-percent net income jump in the first quarter of the year, at $238.1 million versus $182 million in the same period last year.
Net sales also increased by 9.3 percent to $2.09 billion from $1.909 billion year-on-year.
9. Qiagen NV (NYSE:QGEN)
Shares of Qiagen nosedived to a seven-year low on Tuesday, slashing 10.7 percent to close at $34.02 apiece, as investors soured on its lower growth outlook for the year following the impact of tensions in the Middle East.
In its preliminary results, Qiagen NV (NYSE:QGEN) said that it expects to report preliminary net sales of $492 million, up 2 percent on a reported basis and down 1 percent at constant exchange rates (CER) as compared with the 1 percent a year earlier.
Across its business, the company said that sales from its QuantiFERON blood test kit have dropped amid the decline in immigration testing demand in the US and the Middle East. Sales from QIAstat-Dx diagnostics also dipped 1 percent, as expected, amid tough results last year.
Following the trends, Qiagen NV lowered its net sales growth outlook for full-year 2026 to a range of 1 to 2 percent, versus 5 percent previously, amid the lingering uncertainties in the Middle East. Adjusted EPS was also decreased to $2.43 from $2.50 prior.
For the second quarter alone, Qiagen NV expects net sales to decline by 2 percent from $534 million in the same period a year earlier. Adjusted diluted EPS is targeted at $0.60, flat from the comparable period.
8. Alexandria Real Estate Equities Inc. (NYSE:ARE)
Alexandria Real Estate fell to a nearly 17-year low on Tuesday, shedding 11.30 percent to finish at $40.41 apiece, as investors took heart from an investment firm’s bearish stance for its stock despite posting strong earnings in the first quarter of the year.
In a market note, BNP Paribas downgraded its price target for Alexandria Real Estate Equities Inc. (NYSE:ARE) by 13.6 percent to $44 from $50 previously, while maintaining an “underperform” rating.
The coverage followed the drop in occupancy rates for the first quarter of the year, at 87.7 percent versus 91.7 percent in the same period last year.
However, profits remained strong, having swung to a $358.87 million net profit attributable to shareholders versus a loss attributable to shareholders of $11.6 million in the same quarter a year earlier, and the $1.08 billion loss the quarter prior.
For the full-year period, Alexandria Real Estate Equities Inc. lowered its occupancy rate outlook to a range of 86.2 percent to 87.8 percent, versus the 87.7 percent to 89.3 percent projected previously.
Net operating loss was also increased to a range of 8.5 percent to 10.5 percent from 7.5 percent to 9.5 percent prior.
7. Sportradar Group (NASDAQ:SRAD)
Sportradar fell to a new 52-week low on Tuesday, as investors took heart from its dismal earnings performance in the first quarter of the year, while digesting an investment firm’s 14.3-percent price target downgrade.
At intra-day trading, Sportradar Group (NASDAQ:SRAD) dropped to its lowest price of $11.66 before paring losses to finish the day just down by 11.41 percent at $12.35 apiece.
In a market note, Guggenheim Securities cut its price target to $30 from $35 previously, but maintained a “buy” recommendation, after Sportradar Group missed revenue expectations.
Revenues ended at €347 million, higher by 11 percent than the €312 million year-on-year, but fell short of the €367 million estimates, amid player-friendly outcomes, timing of marketing campaigns, and headwinds related to foreign currency translations.
Meanwhile, adjusted EBITDA ended at €66 million, up 12 percent from the €59 million year-on-year, but also missed estimates of €68 million.
However, Sportradar Group remained at an attributable net loss of €6.286 million, reversing a €24.2 million attributable net profit previously.
In other news, the company announced the appointment of Sameer Deen as chief operating officer, effective May 18, 2026.
It also reaffirmed its full-year 2026 growth outlook of €1.557 billion to €1.582 billion.
6. Relay Therapeutics Inc. (NASDAQ:RLAY)
Relay Therapeutics dropped for a second day on Tuesday, slashing 12.84 percent to finish at $13.03 apiece, as investors appeared to have taken profits after already jumping by 74 percent this month, thanks to positive data from its cancer treatment candidate, Zovegalisib.
On Monday, Relay Therapeutics Inc. (NASDAQ:RLAY) announced that it would officially kick off the third phase of its clinical study for zovegalisib in combination with atirmociclib—Pfizer’s investigational, potential first-in-class CDK4 inhibitor—to test their efficacy in treating patients with PI3Kα-mutated, HR+/HER2- metastatic breast cancer.
Zovegalisib is currently being evaluated in the ReDiscover trial, which aims to test the latter’s combination with fulvestrant and CDK inhibitors.
As of April 13, 69 total patients were enrolled, with 62 patients at or below the potential Phase 3 dose, and 34 patients with measurable disease evaluable for response.
Meanwhile, Relay Therapeutics Inc. received bullish coverage from two analysts. Oppenheimer raised its price target to $18 from $14, while maintaining an outperform rating, while Citizens upgraded the stock to $19 from $17, while maintaining a market outperform rating.
5. Celestica Inc. (NYSE:CLS)
Celestica saw its share prices nosedive by 14.37 percent on Tuesday to finish at $361.54 apiece, as investors resorted to profit-taking after soaring to an all-time high, while “selling on news” after a strong earnings performance.
On Monday alone, Celestica Inc. (NYSE:CLS) soared to its highest price of $423.25—primarily driven by strong investor confidence for the company amid the booming AI—pushing investors to “sell on news”—an investor strategy where shares of companies are sold immediately after the release of positive news, as expected gains were already priced in the previous trading days.
Additionally, Celestica Inc. has already seen its share price climb by as much as 50 percent heading into month-end.
On Tuesday, the company said that it more-than-doubled its net earnings in the first quarter of the year to $212.3 million from $86.2 million in the same period last year. Revenues jumped by 53 percent to $4.05 billion from $2.65 billion year-on-year.
The strong start to the year pushed Celestica Inc. to raise its full-year 2026 revenue outlook to $19 billion from $17 billion previously, as well as adjusted earnings per share of $10.15 versus $8.75 prior.
4. Navitas Semiconductor Corp. (NASDAQ:NVTS)
Navitas fell by 17.38 percent on Tuesday to close at $15.12 apiece, as investors resorted to profit-taking after more than doubling its share prices this month.
On Monday, the stock climbed to an over four-year high of $19.79, marking a 126-percent surge in just the first 28 days of April, which investors took as an opportunity to book profits on Tuesday.
Navitas Semiconductor Corp. (NASDAQ:NVTS) is scheduled to report its financial and operating highlights for the first quarter of the year after market close on May 5, 2026. A conference call will follow to elaborate on the results.
For the period, the company is targeting to report revenues of $8 million to $8.5 million, or a 39 to 43 percent decline from the $14 million registered in the same period last year.
Despite the decrease, investors remained confident about the rosy prospects for the company amid the continued surge in prices and demand for semiconductors.
Investors are also expected to watch for its business outlook for the second quarter of the year.
In other news, Navitas Semiconductor Corp. recently welcomed ex-Broadcom executive, Gregory Fischer, to its board of directors. He is tasked to serve on the company’s compensation and executive steering committees.
3. Rambus Inc. (NASDAQ:RMBS)
Rambus dropped for a second day on Tuesday, slashing 21.17 percent to close at $111.27 apiece, as investors took path from an investment firm’s rating downgrade amid the ongoing shortage of memory products.
In a market note, Baird downgraded its rating for Rambus Inc. (NASDAQ:RMBS) to neutral from outperform previously, amid an expected slowdown in Registered Dual Inline Memory Module or RDIMM.
“While the acceleration in x86 demand, notably driven by agentic AI, is positive for Rambus, we are increasingly seeing the potential for a slowdown in RDIMM [year-on-year] growth next year due to increasing DRAM shortages, which we expect will persist throughout 2027,” Baird said.
“Rambus is the classic case of a unit-driven top-line impacted at times of severe memory shortages without the benefit of higher pricing,” it noted.
On Monday, Rambus Inc. reported a net income of $59.9 million in the first quarter of the year, flat from the $60.3 million in the same period last year. Total revenues, however, grew by 8 percent to $180.2 million from $166.7 million year-on-year.
“Rambus opened 2026 with a solid first quarter, delivering financial results in line with guidance and generating strong cash from operations,” Rambus Inc. President and CEO Luc Seraphin said.
“The growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth, efficient data movement, and scalable connectivity. With expanding offerings across chips and IP, Rambus is well positioned to support next-generation AI platforms and drive profitable long-term growth,” he noted.
2. Erasca Inc. (NASDAQ:ERAS)
Erasca Inc. plunged by 48.30 percent on Tuesday to close at $9.90 apiece, as investors sold off positions following the death of a patient enrolled in the first phase of clinical trial testing the efficacy of its pancreatic and lung cancer treatment candidate, ERAS-0015.
In a call with analysts, Erasca Inc. (NASDAQ:ERAS) confirmed the death of a 66-year-old man who developed Grade 3 pneumonitis on 24 mg. He was said to have elected to withdraw supportive care, which later resulted in his death. Management deemed the case a “rare event.”
Despite the case, Erasca Inc. maintained ERAS-0015 as potentially the best-in-class amid positive preliminary data from the first phase across all other enrolled patients.
According to the company, ERAS-0015 demonstrated favorable response rates, with more than half of enrolled lung cancer patients seeing their tumors shrink, and around 50 percent of pancreatic cancer patients saw shrinkage.
ERAS-0015 also demonstrated a favorable safety profile and recorded only low-grade adverse events.
“We are thrilled with the robust efficacy results demonstrated so far by our pan-RAS inhibitor ERAS-0015 in patients with lung and pancreatic cancer. The magnitude of clinical benefit seen during dose escalation is particularly striking and compares favorably with other pan-RAS, pan-KRAS, or KRAS-mutant selective inhibitors,” said Erasca Inc. Chairman and CEO Jonathan Lim.
“Notably, preliminary data support ERAS-0015 may be combined with standard-of-care doses of panitumumab, positioning it as a potential backbone therapy for future combination regimens. Together, we believe these findings support the best-in-class potential of ERAS-0015, and we look forward to continued progress in our Phase 1 monotherapy dose expansion cohorts and combination dose escalation cohorts,” he noted.
1. Vistance Networks Inc. (NASDAQ:VISN)
Vistance saw its share prices plunge by 49.31 percent on Tuesday to close at $9.90 apiece, as investors immediately unloaded portfolios following the payment of its special cash dividends.
On Monday, shareholders of Vistance Networks Inc. (NASDAQ:VISN) on record as of April 17, were able to receive $10 in special dividends per share held, following the successful sale of its Connectivity and Cable Solutions business to Amphenol Corporation on January 9, 2026.
However, investors quickly sold off positions on Tuesday, dragging the company’s month-to-date share price down by 45.6 percent.
Investors also repositioned portfolios ahead of the results of its earnings performance for the first quarter of the year before market open on Thursday, April 30.
In other news, Vistance Networks Inc. said that its unit, Ruckus Networks, recently partnered with Nokia for the launch of a LAN solution that can address growing needs for higher-bandwidth networks to meet the demands of increasing user density, low-latency real-time applications, and next-generation use cases, such as AI.
Vistance Networks Inc. said that the new product creates a robust, intelligent in-building network infrastructure that is simple to manage and scale to the capacity demands needed to support next-generation services, and could support simplified operations, reduced power consumption, and cost.
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