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3 Stocks Crushed by the Market This Week
Plenty of health-care stocks enjoyed big gains this week. But not all of them. Here are three that were hammered pretty hard. 1 2 3
Shares of the 3-D bioprinting company dropped nearly 12% this week. Organovo Holdings (NYSEMKT:ONVO) Source: Yahoo! Finance
Organovo announced financial results for fiscal 2014 on Thursday While the results weren’t great – miniscule revenue and increasing expenses, it’s unlikely that any observer expected any significant positive developments yet on the financial front The focus for Organovo continues to be future-oriented, especially with the upcoming unveiling of its 3-D liver assay test Why Organovo’s stock was 3-D: down, down, down
The stock of the biotech fell 11% this week. Inovio Pharmaceuticals (NYSEMKT:INO) Source: Yahoo! Finance
An online post on June 10 speculated that Inovio’s CEO Joseph Kim was laying the groundwork for announcing negative news about a phase 2 study of cervical dysplasia vaccine VGX-3100 Inovio responded publicly the next day, calling the article “false and misleading” and “inane conjecture” The company stated that the data from the phase 2 study remains blinded and plans to report results from the phase 2 study by the end of July Why the market said “no, no” to Inovio
The biopharmaceutical company’s shares dropped 10% for the week. Orexigen Therapeutics (NASDAQ:OREX) Source: Yahoo! Finance
Orexigen announced on Wednesday that the FDA delayed a decision on weight loss drug NB32 by three months, with a new PDUFA date of Sept. 11 Why the pushback? The FDA indicated that more time is needed to finalize Orexigen’s post-marketing obligations The main issue relates to evaluation of cardiovascular outcomes Orexigen has an ongoing study involving 8,900 patients focusing on these cardiovascular outcomes Why Orexigen’s share price was slimmed down
Organovo’s potential still is intriguing and Inovio could confound critics by reporting positive results for its DNA vaccine The nod for best chance of rebounding, though, goes to Orexigen While the FDA’s delay for a decision on NB32 was disappointing, the prospects for approval likely won’t be impacted For investors who expect that NB32 will achieve greater success than earlier rivals, this week’s pullback could represent a good buying opportunity Best shot at bouncing back? ?
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