Fitbit, Lipocine Top Wednesday’s 52-Week Low Club
June 29, 2016: Here are four stocks trading with heavy volume among 29 equities making new 52-week lows in Wednesday’s session. NYSE advancers led decliners by more than 6 to 1 and Nasdaq advancers led decliners by a margin of…
June 29, 2016: Here are four stocks trading with heavy volume among 29 equities making new 52-week lows in Wednesday’s session. NYSE advancers led decliners by more than 6 to 1 and Nasdaq advancers led decliners by a margin of more than 3 to 1.
Fitbit Inc. (NYSE: FIT) fell by about 2.9% on Wednesday to post a new 52-week low of $11.65 against a high of $51.90. The stock closed at $12.00 on Tuesday night. Volume reached around 6.7million shares, about 25% below the stock’s daily average of around 9.1 million. The fitness tracker had no specific news Wednesday, but optionMonster reported the purchase of 6,000 August 11 put contracts .
Lipocine Inc. (NASDAQ: LPCN) dropped about 60% on Wednesday to post a new 52-week low of $2.51 against a 52-week high of $19.23. Volume reached more than 18 times the daily average of around 300,000. The stock closed at $6.27 on Tuesday night. The company’s testosterone drug was not approved by the FDA.
Esperion Therapeutics Inc. (NASDAQ: ESPR) dropped about 41% on Wednesday to post a new 52-week low of $9.58 against a 52-week high of $100.98. Volume was nearly 19 times higher than the daily average of around 310,000. The stock closed at $16.18 on Tuesday night. The company’s cholesterol-lowering drug has not been given a clear pathway to achieving FDA approval.
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21Vianet Group Inc. (NASDAQ: VNET) posted a new 52-week low on Wednesday. Shares traded at a low of $8.76, down nearly 17%, after closing at $10.50 on Tuesday. The stock’s 52-week high is $21.47. Volume was more than triple the daily average of around 1.6 million shares. The Chinese internet services company had no specific news Wednesday.
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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.