Investing

Gilead Sciences, Fitbit Plunge into Wednesday's 52-Week Low Club

February¬†8, 2017: Here are four stocks trading with relatively heavy volume among 69 equities making new 52-week lows in Wednesday’s session. On the NYSE, advancers led decliners by less than 4 to 3 and on the Nasdaq decliners led advancers by about 5 to 4.

Gilead Sciences Inc. (NASDAQ: GILD) dropped about 10% Wednesday to post a new 52-week low of $65.75 after closing Tuesday at $73.13. The 52-week high is $103.10. Volume of nearly 44 million was more than 10 times the daily average of around 10 million shares traded. The company’s earnings report was weak and analysts weren’t impressed either.

Galena Biopharma Inc. (NASDAQ: GALE) dropped more than 42% Wednesday, to post a new 52-week low of $0.81 after closing at $1.40 on Tuesday. The stock’s 52-week high is $4.75. Volume was nearly 10 times the daily average of around 1.8 million shares. The company priced a secondary stock offering this morning.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) dropped about 0.9% Wednesday, to post a new 52-week low of $31.91 after closing at $32.19 on Tuesday. The stock’s 52-week high is $59.35. Volume was about 20% higher than the daily average of around 10.8 million shares. Tuesday’s CEO change and an investigation in its home market of Israel are weighing on the shares.

Fitbit Inc. (NYSE: FIT) dropped more than 1.5% on Wednesday to record a new 52-week low of $5.69. The stock closed at $5.78 on Tuesday. Volume was about half the daily average of around 11.6 million shares. The company is the subject of a grand jury investigation related to stealing secrets from rival Jawbone.

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