5 of Last Week's Biggest Losers
There's never a shortage of losers in the stock market. Let's take a closer look at five of this past week's biggest sinkers.
Orion Energy Systems
Let's start with Amarin. The FDA shot down Amarin's appeal of the agency's rescinding of Special Protocol Assessment to expand the use of its triglyceride-lowering drug, Vascepa. Amarin plans to keep trying, but that will take time and the chances of success may be slim.
Organovo took a hit after Citron Research blasted the company's valuation on CNBC's Fast Money. Calling Organovo's goal of bio-printing organs "ridiculous," Citron's Andrew Left detailed a warning out of Sweden's SEC equivalent on cold callers who are promoting the stock. He argues that Organovo's weak institutional ownership at just 8% makes it easy to pump the shares. There may be some substance to Left's knocks, but the outcome here will ultimately be up to the company, which expects a major viability test to play out this year.
Orion Energy Systems fell every single trading day. The provider of energy management solutions had wrapped up the prior week by filing a universal shelf registration statement with the SEC to offer as much as $75 million worth of securities. Investors don't like the eventual dilution.
3D Systems probably printed parachutes for shareholders after the 3-D printing leader got a downgrade from Credit Suisse. It also didn't help that Citron Research issued another negative note on 3D Systems on Friday, a move that sent 3D Systems and a couple of its smaller peers to double-digit percentage losses on the week. Citron has a $56 near-term price target on the shares, warning that it could head even lower after that.
Sify slumped after posting quarterly results on Tuesday morning. Results out of the India-based provider of IT solutions weren't bad. Revenue climbed 21%, and it reversed a year-ago loss by posting a quarterly profit. However, the market was apparently still unimpressed.
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The article 5 of Last Week's Biggest Losers originally appeared on Fool.com.Longtime Fool contributor Rick Munarriz has no position in any stocks mentioned. The Motley Fool recommends and owns shares of 3D Systems. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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