DryShips, Merrimack Tumble into Friday's 52-Week Low Club
January 6, 2017: Here are four stocks trading with relatively heavy volume among 18 equities making new 52-week lows in Friday’s session. On the NYSE, advancers led decliners by about 1.5 to 1 and on the Nasdaq decliners led advancers by about the same margin.
DryShips Inc. (NASDAQ: DRYS) dropped about 4.8% on Friday to post a new 52-week low of $2.96 against a 52-week high of $278.40 and a Thursday close of $3.11. Volume of about 9 million was 10% above the daily average of around 7.8 million. The dry bulk shipper announced on Thursday that it plans to buy up to 4 very-large gas carriers at a cost of $83.5 million each as it expands into shipping LPG.
Merrimack Pharmaceuticals Inc. (NASDAQ: MACK) dropped 8.9% on Friday to post a new 52-week low of $3.46 after closing at $3.80 on Thursday. Volume was more than double the daily average of about 3.2 million shares. The company had no specific news Friday.
Delcath Systems Inc. (NASDAQ: DCTH) dropped nearly 44% Friday to post a new 52-week low of $0.46 after closing Thursday at $0.82. The 52-week high is $8.80. Volume of around 4.5 million was more than 20 times the daily average of around 280,000 shares traded. The company had no specific news.
Gevo Inc. (NYSE: G) began trading Friday following a 1-for-20 reverse stock split after Thursday’s close at $0.169 per share. The post-split range Friday was $3.20 to $5.35 on volume of about 3 million post-split shares. After dipping to the day’s low shares are on track to close the day up more than 5% at around $4.00.