Valentine’s Day is here and it has been an incredible day for quite a few companies. The S&P 500, Nasdaq and Dow have been performing lovely in just the past week, hitting new all-time highs. But like any relationship, this is a team effort, and there have been a few companies holding back this rally. In fact, in Tuesday’s session alone some companies have downright broken shareholders’ hearts.
24/7 Wall St. has included some of these stocks destroying shareholders the most, with a recent trading history, a consensus analyst price target and some color behind each.
Shares of Gevo Inc. (NASDAQ: GEVO) took a massive downturn after the company announced the pricing of its secondary offering. Gevo reportedly wants to sell 5.68 million Series G units. Each Series G unit consists of one share of common stock, a Series K warrant to purchase one share of common stock and a Series M warrant to purchase one share of common stock, at a public offering price of $1.90 per Series G unit.
The company has also agreed to sell 570,000 Series H units, with each Series H unit consisting of a pre-funded Series L warrant to purchase one share of common stock, a Series K warrant to purchase one share of common stock and a Series M warrant to purchase one share of common stock, at a public offering price of $1.89 per Series H unit.
As for the underwriters, Oppenheimer is acting as sole book-running manager and Rodman & Renshaw is acting as co-manager.
The gross proceeds to Gevo from this offering are expected to be approximately $11.9 million, not including any future proceeds from the exercise of the warrants.
Shares of Gevo were trading down over 31% at $1.60 on Tuesday, with a consensus analyst price target of $8.50 and a 52-week trading range of $1.59 to $27.20.
On Tuesday, Aviragen Therapeutics Inc. (NASDAQ: AVIR) shares fell by over a third following the release of top-line results from the firm’s mid-stage trial in the treatment of moderate to severe asthmatics with a rhinovirus (RV) infection.
Unfortunately, vapendavir did not demonstrate a statistically significant reduction in the asthma control questionnaire-6 (ACQ-6) at day 14, the primary endpoint, for either dose level, compared to the placebo.
Joseph Patti, PhD, president and CEO of Aviragen, commented:
We are disappointed that the SPIRITUS trial did not meet its primary endpoint in this patient population. There was evidence of an antiviral effect in patients that received vapendavir within the first day following the onset of their symptoms, and as such, we plan to take time to fully analyze the data before making a decision on whether to initiate a study in hematopoietic stem cell transplant patients, where the ability to stop the progression of the RV infection could be beneficial. We are sincerely grateful for the patients, investigators and staff that participated in the trial.
Aviragen shares were last seen down 37% at $0.68, within a 52-week range of $0.65 to $2.00. The consensus price target is $4.17.
After Uni-Pixel Inc. (NASDAQ: UNXL) announced a secondary offering for its common stock, the company watched its shares drop on Tuesday. As of yet there is no price data on the offering, but common stock and warrants will be included.
Roth Capital Partners will be serving as the lead placement agent, with Ladenburg Thalmann and the Benchmark serving as co-placement agents.
Uni-Pixel was trading down 23% at $1.14. The consensus price target is $3.35, and the 52-week range is $0.36 to $2.88.
Shares of Ohr Pharmaceutical Inc. (NASDAQ: OHRP) dropped after the company reported its fiscal first-quarter financial results and gave a business update. The company said that it had a net loss of $0.20 per share and no revenues. The consensus estimate from Thomson Reuters called for a net loss of $0.19 per share.
The company also reported that it had cash and cash equivalents of roughly $13.5 million at the end of the quarter. This compares to $12.5 million at the end of the September 2016 quarter.
As for the business update, Ohr has paused enrollment in the first Phase 3 clinical trial of its lead drug candidate Squalamine lactate ophthalmic solution for the treatment of neovascular age-related macular degeneration (wet AMD). Jason Slakter, M.D., CEO of Ohr, commented:
We plan to continue the study for currently enrolled patients to evaluate the efficacy of Squalamine combination therapy. This approach is intended to provide prospective efficacy data before year end 2017 to enable us to potentially confirm the visual acuity benefits observed in the patient population we identified as the most likely to benefit from Squalamine combination therapy. Given the recent study readouts from other combination therapy agents and the reaction to these results, we feel that a change in our clinical development program is warranted. We remain confident about the potential of Squalamine, a differentiated, topical, multi-target angiogenesis inhibitor, to provide improved visual function to patients suffering from wet-AMD.
Ohr Pharma was trading down 14.8% at $1.15, with a consensus price target of $7.50 and a 52-week range of $1.10 to $4.05.