Noodles, Cardiome Lead Tuesday’s 52-Week Low Club
July 26, 2016: Here are three stocks trading with relatively heavy volume among 20 equities making new 52-week lows in Tuesday’s session. NYSE advancers led decliners by about 3 to 2 and Nasdaq advancers led decliners by about the same…
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July 26, 2016: Here are three stocks trading with relatively heavy volume among 20 equities making new 52-week lows in Tuesday’s session. NYSE advancers led decliners by about 3 to 2 and Nasdaq advancers led decliners by about the same margin.
Cardiome Pharma Corp. (NASDAQ: CRME) lost about 43% Tuesday to post a new 52-week low of $3.00 versus a high of $10.40 after closing Monday at $5.30. Volume totaled about 4.4 million shares, more than 100 times the daily average of just 43,000 shares. The company priced a secondary offering of 10 million shares at $3 a share this morning.
Noodles & Co. (NASDAQ: NDLS) dropped nearly 23% on Tuesday to post a new 52-week low of $8.01 after closing at $10.36 on Monday. The stock’s 52-week high is $15.88. Volume was about 10 times the daily average of around 114,000 shares. The fast casual restaurant chain announced management changes this morning and preliminary results that included a drop of 1% in same-store sales and lower revenues than analysts had forecast.
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Tobira Therapeutics Inc. (NASDAQ: TBRA) dropped about 10% on Tuesday to post a new 52-week low of $4.03 against a 52-week high of $15.63. Volume of around 825,000 was more than 6 times the daily average of around 130,000. The stock closed at $4.50 on Monday night. The company reported Monday that a phase IIb trial of a liver disease treatment failed to meet its primary endpoint and the effects have not yet ended.
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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.