Investing
5 Companies That Destroyed Shareholders Last Week
Published:
Last Updated:
Both the Dow Jones Industrial Average and S&P 500 are now positive for 2016, just in time for the kick off this earnings season. Analysts are expecting some earnings disappointments going forward, as S&P Global Market Intelligence expects earnings to shrink by about 8% in the first quarter. So we might be seeing more companies destroying shareholders as this earnings season picks up. Although the markets have made their comeback, some stocks are still slowing that recovery and punishing their shareholders.
We have picked out some companies that punished shareholders last week. Among the active stocks, these all issued or had news that pushed shares down. 24/7 Wall St. has included their recent trading history, as well as the 52-week trading range and the consensus analyst price target.
Clovis Oncology
After an FDA panel voted against its lung cancer drug, Clovis Oncology Inc. (NASDAQ: CLVS) saw its stock drop over the course of this past week. Analysts piled on to the stock and seemingly pushed it lower as well. Mizuho was at Neutral but lowered its price target from $21 to $15. JPMorgan downgraded Clovis from Overweight to Neutral and the target was cut to $15 from $42, and Credit Suisse downgraded it to Neutral from Outperform with a target cut to $15 from $32. Janney maintained a Buy rating but slashed its fair value estimate to $24 from $50.
Over the course of the week, the stock was down 12%. Shares of Clovis fell to $13.84 on Friday. The consensus analyst price target is $20.50, and the 52-week trading range is $12.25 to $116.75.
24/7 Wall St.Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
