March 23, 2016: Here are four stocks trading with relatively heavy volume among 34 equities making new 52-week lows in Wednesday’s session.
Synergy Pharmaceuticals Inc. (NASDAQ: SGYP) posted a new 52-week low on Wednesday. Shares traded at a low of $2.50, down about 3.5%, after closing at $2.59 on Tuesday. The stock’s 52-week high is $10.15. Volume totaled double the daily average of around 2.4 million shares. The company’s debt exchange announced Monday continues to weigh on the shares.
Sage Therapeutics Inc. (NASDAQ: SAGE) dropped about 21.3% on Wednesday to post a new 52-week low at $26.28 after closing at $33.40 on Tuesday. The stock’s 52-week high is $89.04. Share volume of about 4 million was nearly 8 times higher than the daily average of around 530,000 shares traded. Hedge fund Kerrisdale Capital said today that it is shorting Sage stock because the firm believes shares will drop 75% after an expected phase 3 drug trial failure.
Teekay Tankers Ltd. (NYSE: TNK) fell by about 7.4% on Wednesday to post a new 52-week low of $3.51 against a high of $8.53. The stock closed at $3.79 on Tuesday night. Volume rose to around 2.7 million shares, about 20% higher than the daily average of around 2.6 million shares traded. The shipping company had no specific news on Wednesday.
24/7 Wall St.Vivint Solar Inc. (NYSE: VSLR) dropped about 11.7% on Wednesday to post a new 52-week low of $2.93 against a 52-week high of $16.00. The stock closed at $3.32 on Tuesday night. Volume totaled about 1.7 million shares compared with the stock’s daily average volume of around 685,000. The solar installer also had no specific news on Wednesday.
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