Valeant, Sorrento Pharmaceuticals Tumble into Thursday’s 52-Week Low Club
Valeant, Sorrento Pharmaceuticals, QEP Resources, and New York Community Bank all posted new 52-week lows Friday.
[cnxvideo id=”509258″ placement=”ros”]April 13, 2017: Here are four stocks trading with relatively heavy volume among 75 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by more than 2 to 1 and on the Nasdaq decliners led advancers by about the same margin.
Sorrento Therapeutics Inc. (NASDAQ: SRNE) dropped more than 37% Thursday to post a 52-week low of $1.85 after closing at $2.95 last night. The stock’s 52-week high is $8.35. Volume was 35 times the daily average of around 190,000 shares. The company priced a secondary offering of more than 23 million shares at $2.00 per share this morning.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped about 1.8% Thursday to post a new 52-week low of $9.43 after closing Wednesday at $9.60. The stock’s 52-week high is $38.50. Volume of about 7.1 million shares was less than half the daily average of around 18.6 million. The company had no specific news Thursday.
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QEP Resources Inc. (NYSE: QEP) posted a new 52-week low of $11.57 on Thursday, down about 1.7% compared with Wednesday’s closing price of $11.77. The stock’s 52-week high is $21.12. Volume was about 40% above the daily average of around 4.2 million shares. The company had no specific news.
New York Community Bancorp Inc. (NYSE: NYCB) dropped about 2.1% Thursday to post a new 52-week low of $13.43 after closing at $13.72 on Wednesday. The stock’s 52-week high is $17.68. Volume was 20% below the daily average of around 5 million shares. The bank 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.
