The 52-Week Low Club for Friday
March 18, 2016: Here are four stocks trading with heavy volume among 25 equities making new 52-week lows in Friday’s session. Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped another 10% on Friday to post a new 52-week low at $26.72 after…
March 18, 2016: Here are four stocks trading with heavy volume among 25 equities making new 52-week lows in Friday’s session.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped another 10% on Friday to post a new 52-week low at $26.72 after closing at $29.69 on Thursday. The stock’s 52-week high is $263.81. Share volume of about 53 million was more than 4 times the daily average of around 12.6 million shares traded. No more bad news on Friday, just more of the same selling we’ve seen all week.
Synergy Pharmaceuticals Inc. (NASDAQ: SGYP) fell by about 20% on Friday to post a new 52-week low of $2.71 against a high of $10.15. The stock closed at $3.40 on Thursday night. Volume rose to around 8 million shares, about 4 times the daily average of around 2.2 million shares traded. The company said this morning that some senior debt holders had converted debt to shares at an implied price of $2.47 per share.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) posted a new 52-week low on Friday. Shares traded at a low of $52.62, down about 1.6%, after closing at $53.50 on Thursday. The stock’s 52-week high is $72.31. Volume totaled about 10% above the daily average of around 5.3 million shares. No news, just caught in the Valeant wake.
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Akorn Inc. (NASDAQ: AKRN) dropped about 8% on Friday to post a new 52-week low of $17.57 against a 52-week high of $57.10. The stock closed at $19.09 on Thursday night. Volume rose to more than double the stock’s daily average volume of around 1.8 million. The pharmaceuticals maker had no specific news on Friday.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.