Healthcare Business

4 Companies That Destroyed Shareholders Despite a Brexit Recovery

Despite Brexit absolutely rocking the market over a week ago, the broad markets made a solid comeback leading most people to believe that this was just one big head fake. Some companies made runs in this time to even higher highs but there were also quite a few that lagged behind.

24/7 Wall Street has picked out a few companies posting the largest losses for the week. We have included briefly why the stock is moving, as well as a recent trading history, consensus analyst price target and a 52-week trading range.

Galena Biopharma, Inc. (NASDAQ: GALE) was absolutely crashing on Wednesday after the company released further information regarding its Breast Cancer clinical trial. The company announced the recommendation from the Independent Data Monitoring Committee (IDMC) on the interim analysis for Galena’s NeuVax (nelipepimut-S) Phase 3 PRESENT clinical trial. On June 27, the IDMC recommended that the PRESENT trial be stopped due to futility. This planned safety and futility interim analysis was triggered after 70 qualifying disease-free survival (DFS) events were reached, and a total of 71 events were reviewed by the IDMC.

Over the past week, the stock dropped by 70%. Shares closed Friday at $0.62, with a consensus analyst price target of $3.13 and a 52-week trading range of $0.28 to $2.49.

Ampio Pharmaceuticals, Inc. (NYSEMKT: AMPE) watched its shares get cut in half on Thursday after news of a failed late-stage trial. The company announced the results of its Ampion PIVOT clinical trial as well as a comprehensive analysis that integrates trial data from three single injection studies that will be presented to the U.S. Food and Drug Administration (FDA). However the primary endpoint was not met. Ampion was demonstrated to be safe and well-tolerated with no drug-related serious AEs and an overall AE rate that was similar in the Ampion and saline groups. Going forward the company will request a meeting with the FDA for approval regarding its treatment of pain due to severe osteoarthritis of the knee.

During the past week, Ampio’s shares pulled back by about 61%. The stock closed Friday at $1.29, with a consensus price target of $14.00 and a 52-week range of $0.84 to $4.32.

Lipocine Inc. (NASDAQ: LPCN) saw its shares get cut in half in Wednesday’s session after receiving a letter from the U.S. Food and Drug Administration (FDA). The company announced that it has received a Complete Response Letter (CRL) from the FDA regarding its New Drug Application (NDA) for LPCN 1021. The CRL highlighted deficiencies related to the dosing algorithm for the label. In terms of the specifics, the proposed titration scheme for clinical practice was significantly different from the titration scheme used in the Phase 3 trial leading to discordance in titration decisions between the Phase 3 trial and real-world clinical practice.

The stock dropped by 56% last week, closing Friday at $3.04, with a consensus price target of $17.00 and a 52-week range of $2.51 to $19.23.

Regulus Therapeutics Inc. (NASDAQ: RGLS) saw its shares cut in half early Tuesday morning following news of a clinical hold from the U.S. Food and Drug Administration (FDA). The company announced it received verbal notice from the FDA that its Investigational New Drug (IND) RG-101 for the treatment of chronic hepatitis C virus (HCV) infection has been placed on clinical hold. Ultimately, the company expects it will receive a formal clinical hold letter from the FDA within 30 days and plans to work diligently with the agency to seek the release of the clinical hold.

During the past week, shares pulled back by 39%. The stock closed Friday at $3.21, with a consensus price target of $11.08 and a 52-week range of $2.44 to $11.59.

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