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Top 5 Losers In Healthcare Sector (SLDB, DPLO, TTOO...)

pharmadown nov12 lt

The following are some of the healthcare stocks that posted the biggest percentage decline on Tuesday.

1. Solid Biosciences Inc. (SLDB)

Solid Biosciences is a life science company developing therapies for Duchenne muscular dystrophy.

Lost 74.36% to close Tuesday's (Nov.12, 2019) trading at $2.82.

News: The Company's phase I/II study of SGT-001 for the treatment of Duchenne muscular dystrophy, dubbed IGNITE DMD, has been placed on hold by the FDA, following a serious adverse event experienced by one of the study subjects.

To date, six patients have been dosed with SGT-001 - three patients in the first cohort at 5E13 vg/kg dose, and three patients in the second cohort at 2E14 vg/kg dose.

One of the patients in the 2E14 vg/kg cohort, dosed in late October, experienced a serious adverse event deemed related to the study drug that was characterized by complement activation, thrombocytopenia, a decrease in red blood cell count, acute kidney injury, and cardio-pulmonary insufficiency.

2. Diplomat Pharmacy Inc. (DPLO)

Diplomat is an independent provider of specialty pharmacy and infusion services.

Lost 50% to close Tuesday's trading at $3.10.

News: The Company reported lackluster financial results for the quarter ended September 30, 2019, and also warned of "going concern" risk.

Net loss for the third quarter of 2019 was $177 million or $2.35 per share, reversing a net income of $0.2 million or $0.00 per share in the third quarter of 2018. Revenue for the third quarter of 2019 was $1,301 million, compared to $1,373 million in the third quarter of 2018, a decrease of $72 million or 5%.

The Company has also warned of the "going concern" risk as it believes that it may not be able to meet the total net leverage and interest coverage ratio covenants in the credit agreement for the period ending December 31, 2019.

As of September 30, 2019, Diplomat had $8.4 million in cash and equivalents, $105 million in borrowings under revolving line of credit, $456 million outstanding under term loans, and $95 million of available borrowing capacity under the revolving line of credit.

3. T2 Biosystems Inc. (TTOO)

T2 Biosystems is focused on developing innovative medical diagnostic products for critical unmet needs in healthcare.

Lost 27.78% to close Tuesday's trading at $1.95.

News: The Company reported operating highlights and preliminary financial results for the third quarter ended September 30, 2019.

The total revenue in the third quarter of 2019 was $1.6 million, including product revenue of $1.4 million, up 17% year-over-year.

Due to a ransom cyber-attack on the Company's information technology systems, T2 Biosystems has sought additional time to input expense and other information into the Company's enterprise resource planning.

The Company expects to file Form 10-Q for the third quarter of 2019 by November 18, the extended due date for filing.

T2 Biosystems noted that its IT systems have recovered from the cyber-attack and that the interruption caused by the attack did not materially affect its operations.

4. InspireMD Inc. (NSPR)

InspireMD is a commercial-stage medical device company marketing CGuard Embolic Prevention System (EPS) for the prevention of stroke caused by the treatment of carotid artery disease, and MGuard Prime EPS in patients with coronary artery disease.

Lost 21.05% to close Tuesday's trading at $1.05.

News; The Company reported narrower-than-expected loss but lower-than-expected revenue for the third quarter of 2019.

Net loss for the third quarter of 2019 totaled $2.07 million or $1.26 per share, compared to a net loss of $2.01 million or $2.47 per share for the same period in 2018. Analysts polled by Thomson Reuters were expecting a loss of $1.35 per share.

Revenue for the recent third quarter increased to $939,000 from $769,000 in the comparable year-ago quarter. Wall Street analysts were expecting revenue of $1.4 million.

5. Prevail Therapeutics Inc. (PRVL)

Prevail is a biotechnology company developing AAV-based gene therapies for patients with neurodegenerative disorders.

News: The Company reported recent business highlights and third quarter 2019 financial results.

Net loss was $20.3 million, or $0.62 loss per share, for the third quarter of 2019, compared to a net loss of $5.2 million, or $0.99 per share, for the third quarter of 2018. Cash and cash equivalents were $183.1 million at September 30, 2019.

Pipeline & Near-term Catalysts:

The Company's pipeline includes PR001 that is being developed as a potentially disease-modifying, single-dose gene therapy for Parkinson's disease with GBA1 mutation (PD-GBA) and neuronopathic Gaucher disease; PR006, a gene therapy candidate being developed for patients with frontotemporal dementia with a GRN mutation (FTD-GRN), and PR004, a gene therapy in preclinical development for patients with certain synucleinopathies.

-- Patient dosing in a Phase 1/2 clinical trial of PR001 in PD-GBA, dubbed PROPEL, is expected to begin this year.
-- Enrollment in a Phase 1/2 trial of PR001 in neuronopathic Gaucher disease is expected to begin in the first half of 2020.
-- A Phase 1/2 clinical trial of PR006 in patients with frontotemporal dementia with a GRN mutation (FTD-GRN) is expected to be initiated in the first half of 2020.

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