What Factors Have These 4 Stocks in Dire Straits Today?

Fitbit Inc (NYSE:FIT) shares traded below their $20 per share IPO offering price for the first time ever today, as its stock is over 10% lower. Investors worry that the wearable tech company won’t be able to innovate fast enough to keep its growth and margins at levels that can deliver shareholder value. Shares of the company have been in a funk ever since it introduced a new smartwatch earlier in the year that failed to convince investors that Fitbit Inc (NYSE:FIT) can outlast Apple Inc. (NASDAQ:AAPL) at its own game. 20 elite funds held shares of the company at the end of the third quarter, down by seven from the quarter prior to that.

Puma Biotechnology Inc (NYSE:PBYI) isn’t immune to today’s biotech sell-off either, as its shares are down by 8.4% in afternoon trading. Puma Biotechnology Inc (NYSE:PBYI)’s lead candidate is PB272 (oral neratinib), a potent irreversible tyrosine kinase inhibitor. The company was scheduled to present at the 34th Annual J.P. Morgan Healthcare Conference today. Among the 18 elite funds in our database that held 31.3% of Puma’s float at the end of September is Jim Simons’ Renaissance Technologies, with a holding of 162,600 shares.

Disclosure: None