6 Companies That Destroyed Shareholders Last Week

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After the Federal Reserve announced that interest rates would not be raised on Wednesday, many would expect that the market would turn itself around after having about four down days in a row at that point. Some of the companies leading the charge in this market pullback absolutely crushed shareholders this past week.

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.

Marinus Pharmaceuticals

Monday morning, Marinus Pharmaceuticals Inc. (NASDAQ: MRNS) tumbled after the company gave an update on top-line results from its Phase 3 clinical trial in adults with drug-resistant focal onset seizures. Unfortunately, ganaxolone did not meet the primary endpoint of demonstrating a statistically significant difference from placebo. Considering previous studies, ganaxolone was consistent in being generally safe and well tolerated. Marinus plans to discontinue its program in adult focal onset seizures and focus its efforts on advancing ganaxolone in status epilepticus and pediatric orphan indications.

Over the past week, the stock has dropped by 72.3%. Shares closed Friday at $1.48, with a consensus analyst price target of $11.63 and a 52-week trading range of $1.37 to $20.72.

Infinity Pharmaceuticals

Infinity Pharmaceuticals Inc. (NASDAQ: INFI) saw perhaps making the biggest drop in the market on Tuesday, with shares plummeting by over two-thirds following a clinical mid-stage trial update. Though the company announced that its DYNAMO study met its primary endpoint of overall response rate, the stock was still way down on the day for other reasons. In the study, duvelisib demonstrated an overall response rate of 46%, all of which were partial responses, among 129 patients with indolent non-Hodgkin lymphoma (iNHL). The majority of reported side effects were reversible and clinically manageable.

However despite this good news, AbbVie Inc. (NYSE: ABBV) has an ongoing collaborative discussion with Infinity to explore next steps for the parties’ collaboration with duvelisib. Considering the resolution of these business discussions, AbbVie and Infinity also have agreed to pause the AbbVie-sponsored Phase 1b/2 study evaluating duvelisib in combination with venetoclax. At the same time, Infinity is also undertaking a strategic restructuring that will close down its discovery research organization, affecting 46 members of the Infinity team, or roughly 21% of the workforce.

During the past week, Infinity’s shares pulled back by 68.4%. The stock closed Friday at $1.52, with a consensus price target of $6.36 and a 52-week range of $1.24 to $11.78.

Revance Therapeutics

Following the release of late stage trial results, Revance Therapeutics Inc. (NASDAQ: RVNC) hit a new 52-week low this past week. It reported results were from its Realise 1 Phase 3 trial of DaxibotulinumtoxinA Topical Gel (RT001) to treat patients with moderate to severe lateral canthal lines, or crow’s feet. Unfortunately, DaxibotulinumtoxinA Topical Gel (RT001) did not achieve its co-primary and other endpoints. The co-primary efficacy endpoints in the trial were composite measurements of two-point or greater and one-point or greater improvement in lateral canthal lines between baseline and 28 days after treatment. Overall, RT001 topical generally appeared to be well-tolerated in this study.

The stock has dropped by 27.4% last week. Shares closed Friday at $13.41, with a consensus price target of $42.67 and a 52-week range of $12.93 to $42.41.