Investing
5 Companies That Absolutely Destroyed Shareholders This Past Week
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This past week was a rough one for the broad markets, with nearly a month having gone by without two positive back-to-back trading days in the S&P 500. Much of this can be attributed to the strengthening dollar, dropping oil prices, and the highly anticipated Federal Reserve rate hike. As a result, many shareholders have taken punishment in some form, but some have been absolutely obliterated.
24/7 Wall St. has tracked five companies in which shareholders were destroyed last week. Many of these companies have seen their markets caps drop sharply, and some have even drifted into a smaller cap market cap range now.
Threshold Pharmaceuticals
In Monday’s trading session, Threshold Pharmaceuticals Inc. (NASDAQ: THLD) watched its stock completely collapse after a joint late-stage study failed to yield positive results. These Phase 3 studies were being conducted under Threshold’s collaboration with Merck KGaA, in Darmstadt, Germany. Patients with locally advanced unresectable or metastatic soft tissue sarcoma treated with evofosfamide in combination with doxorubicin did not demonstrate a statistically significant improvement in overall survival compared with doxorubicin alone. Threshold will not be pursing further development of evofosfamide in soft tissue sarcoma and pancreatic cancer.
Shares of Threshold closed Friday at $0.51, with a consensus analyst price target of $7.00 and a 52-week trading range of $0.48 to $5.28. Over the course of the week, shares dropped over 80%, while shares are down roughly the same amount year to date.
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