Valeant, Arena Pharmaceuticals in Tuesday’s 52-Week Low Club
April 18, 2017 by Paul AusickApril 18, 2017: Here are four stocks trading with relatively heavy volume among 85 equities making new 52-week lows in Tuesday’s session. On the NYSE, decliners led advancers by about 8 to 7 and on the Nasdaq advancers led decliners by about 7 to 6.
Arena Pharmaceuticals Inc. (NASDAQ: ARNA) posted a new 52-week low of $1.20 on Tuesday, down about 19% compared with Monday’s closing price of $1.48. The stock’s 52-week high is $2.16. Volume was about 10% below the daily average of around 3.8 million shares. The company priced a secondary offering of 60 million shares at $1.15 per share, a path guaranteed to enrage existing investors.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped about 6% Tuesday to post a new 52-week low of $8.92 after closing Monday at $9.48. The stock’s 52-week high is $38.50. Volume of around 20 million shares was about 12 times the daily average of around 1.7 million. The company had no specific news Tuesday.
Frontier Communications Corp. (NASDAQ: FTR) dropped about 2.5% Tuesday to post a 52-week low of $1.92 after closing at $1.97 Monday night. The stock’s 52-week high is $5.75. Volume was about 70% lower than the daily average of nearly 42 million shares. The company had no specific news, but its dividend yield now sits at 21.65%.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) dropped about 4% Tuesday to post a new 52-week low of $30.86 after closing at $32.15 on Monday. The stock’s 52-week high is $58.16. Volume was about 10% below the daily average of around 9.3 million shares. The company had no specific news.
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