Why Traders Are Selling These Five Tanking Stocks?

Dynavax Down Following FDA Delay

Dynavax Technologies Corporation (NASDAQ:DVAX)’s shares have retreated by 13% after the US Food & Drug Administration notified the company that it will require additional time to review the Biologics License Application for Dynavax’s investigational vaccine for immunization of adults against hepatitis B infection, HEPLISAV-B. The FDA has extended the vaccine’s PDUFA date by three months to December 15, 2016 to review the additional individual trial data sets that Dynavax submitted at the FDA’s request on April 8. Of the around 800 funds we track, 31 funds owned $292.88 million worth of Dynavax Technologies Corporation (NASDAQ:DVAX)’s shares, which accounted for 31.60% of the float on December 31, versus 32 funds holding $348.18 million worth of stock a quarter earlier.

Goodyear Tire & Rubber Stock Falls on Mixed Results

Goodyear Tire & Rubber Co (NASDAQ:GT) is 8.2% in the red after the company reported mixed first-quarter results. Although the company’s EPS of $0.72 beat the estimates by $0.01, Goodyear’s sales of $3.7 billion were $220 million lower than expected. Sales dropped 8% year-over-year, led by the company’s North America segment, which saw the revenue fall by an annual 13%. However, Goodyear Tire & Rubber reaffirmed its 2016 financial targets, which include core segment operating income growth between 10% and 15% excluding Venezuela and an adjusted debt-to-EBITDAP ratio in the range of 2x to 2.1x at the end of the year. David Tepper’s Appaloosa Management LP cut its holding in Goodyear Tire & Rubber Co (NASDAQ:GT) by almost two thirds to slightly over 2.1 million shares during the fourth quarter of 2015.

Blackhawk Falls Following Earnings Report

Blackhawk Network Holdings Inc (NASDAQ:HAWK) reported earnings of $0.46 per share on sales of $184.6 million for its first quarter, beating the bottom-line estimates by $0.14 but missing the top-line by $13.37 million. Although adjusted operating revenues rose by 23% year-over-year and adjusted net income inched up by an annual 8%, investors weren’t impressed and sent the stock down 10.5%. Blackhawk Network Holdings expects 2016 adjusted EPS in the range of $2.44 to $2.63 and adjusted operating revenue between $932 million and $1.0 billion. The management also anticipated adjusted EBITDA in the range of $196 million to $216 million.

A total of 26 funds from our database amassed 10.6% of Blackhawk Network Holdings Inc (NASDAQ:HAWK)’s stock at the end of December.

Disclosure: none