Investing

Verifone, Biogen Crash Wednesday's 52-Week Low Club

June 22, 2016: Here are four stocks trading with relatively heavy volume among 40 equities making new 52-week lows in Wednesday’s session. NYSE decliners led advancers by 5 to 4 while Nasdaq decliners led advancers a similar margin.

Verifone Systems Inc. (NYSE: PAY) posted a new 52-week low on Wednesday. Shares traded at a low of $18.45, down about 0.5%, after closing at $18.55 on Tuesday. The stock’s 52-week high is $36.04. Volume was approaching triple the daily average of around 2.3 million shares. The payment processing firm announced a change in its compensation plan for certain executives under certain circumstances. Shares turned higher almost immediately and traded up  about 4.5% shortly before the closing.

Biogen Inc. (NASDAQ: BIIB) dropped about 0.4% on Wednesday to post a new 52-week low of $232.16 against a 52-week high of $417.68. Volume reached about 30% higher than the daily average of around 1.8 million. The stock closed at $233.00 on Tuesday night. Biotech stocks continue to react badly to reports that government regulators may lower the ceiling on Medicare drug spending.

Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) dropped about 1.7% on Wednesday to post a new 52-week low of $122.09 against a 52-week high of $208.88. Volume was about 75% above the daily average of around 1.6 million. The stock closed at $124.14 on Tuesday night. The company had no specific news Wednesday.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) fell by about 1.2% on Wednesday to post a new 52-week low of $341.17 against a high of $605.93. The stock closed at $345.14 on Tuesday night. Volume reached about 1.6 million shares,about 65% above the stock’s daily average of around 930.000. The third of the big losers Wednesday, again down to worries about Medicare spending limits.

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