Cempra, xG Technology Slide into Thursday’s 52-Week Low Club
December 29, 2016: Here are four stocks trading with relatively heavy volume among 55 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by about 3 to 2 and on the Nasdaq decliners led advancers…
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December 29, 2016: Here are four stocks trading with relatively heavy volume among 55 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by about 3 to 2 and on the Nasdaq decliners led advancers by just 35 issues. Total volume reached about 85% of the daily average.
Cempra Inc. (NASDAQ: CEMP) dropped about 58% on Thursday to post a new 52-week low of $2.55 after closing at $6.10 on Wednesday. The stock’s 52-week high is $32.00. Volume of more than 19 million shares was around 9 times the daily average of about 2.2 million. The drug maker received a letter from the FDA suggesting that more data and additional research may be required before Cempra’s pneumonia drug can be approved.
xG Technology Inc. (NASDAQ: XGTI) dropped about 9.3% on Thursday to post a new 52-week low of $1.17 against a 52-week high of $34.80 and a Wednesday close of $1.29. Volume of about 4.4 million was more than 8 times the daily average of around 570,000. The company closed a $10 million secondary offering on Tuesday.
Kimco Realty Corp. (NYSE: KIM) dropped about 0.4% Thursday to post a new 52-week low of $24.35 after closing Wednesday at $24.44. The 52-week high is $32.24. Volume of around 3 million was about 25% below the daily average of around 3.9 million shares traded. The company had no specific news.
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Hanesbrands Inc. (NYSE: HBI) dropped about 0.6% on Thursday to post a new 52-week low of $21.41 after closing at $21.53 on Wednesday. The stock’s 52-week high is $31.36. Volume was about a third the daily average of around 6 million shares. The company had no specific news Thursday.
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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.
