Why Valeant, Fitbit & Three Other Stocks Are Deep in Red Today

Page 2 of 2

Shares of ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) are trading down by more than 24.5% on Wednesday, after having gained more than 12% yesterday on the announcement of positive results from a study of CMX157, a hepatitis B virus treatment. However, the stock gave away all of Tuesday’s gains on Wednesday, after the company priced its public offering of 4.92 million shares of common stock and warrants to purchase 2.46 million shares of common for a fixed combined price of $1.42 per unit. The stocks and the warrants will be issued separately; the latter will be exercisable on the date of issuance, for a period of five years, at an exercise price of $1.70 per share.

Follow Hepion Pharmaceuticals Inc. (NASDAQ:HEPA)

Also trading in red today is Verint Systems Inc. (NASDAQ:VRNT), whose stock has lost almost 11% since the bell, trading close to its 52-week low. After the market closed on Tuesday, the company reported fourth quarter earnings of $0.90 per share, missing estimates by $0.27, and revenue of $280.79 million, which also fell short of expectations by $37.25 million. Guidance for the ongoing year was also disappointing: management envisions flattish year-over-year EPS and revenue. The company expects 2017 EPS of $3.04, versus a consensus estimate of $3.54, on revenue of $1.1 billion, versus consensus of $1.23 billion. Also contributing to Wednesday’s decline are a few downgrades, including one by Deutsche Bank, and one by Credit Suisse.

Follow Verint Systems Inc (NASDAQ:VRNT)

Verint Systems Inc. (NASDAQ:VRNT) saw the number of funds long its stock drop by 38% during the fourth quarter and, at the end of 2015, 22 funds in our database were long the stock. However, Ken Fisher’s Fisher Asset Management seemed pretty bullish, as it boosted its exposure by 37% to 1.84 million shares.

Finally, there’s Opko Health Inc. (NYSE:OPK), which has declined by 7.7% so far today, after the FDA rejected the approval for RAYALDEE (calcifediol) for the treatment of secondary hyperparathyroidism in patients with stage 3 or 4 chronic kidney disease and vitamin D insufficiency, citing “deficiencies” at one of the company’s third-party contract manufacturers. However, Opko noted that deficiencies were “not specific to RAYALDEE manufacturing,” and that the manufacturer would “respond promptly” to the FDA.

Follow Opko Health Inc. (NYSE:OPK)

At the end of the last year, Opko saw 20 funds holding around 1% of its outstanding stock in aggregate. A noteworthy position was held by Cliff Asness’ AQR Capital Management, which disclosed ownership of 1.33 million shares in its last 13F filing.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Page 2 of 2