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3 Horrendous Health-Care Stocks This Week
Has the so-called biotech bubble burst? Two of this week’s most horrendous health-care stocks bolster the theory, while the third stock could simply be experiencing the effects of market gravity. Source: Wikimedia Commons
The biotech’s shares plunged more than 46% for the week. Exelixis (Nasdaq: EXEL) Source: Yahoo! Finance
It announced on Tuesday the completion of an interim analysis of Cometriq and that the phase 3 prostate cancer trial would continue to final analysis. Many observers expected the study would be stopped early, as Johnson & Johnson’s Zytiga and Medivation’s Xtandi were. Exelexis expects top-line data from the phase 3 study later this year. Why Exelixis got clobbered
Shares of the cloud-based health-care technology company dropped 27% this week. Castlight Health (NYSE: CSLT) Source: Yahoo! Finance
Castlight’s IPO was last week, with the stock vaulting nearly 150% on its first day of trading. With only $13 million in revenue, Castlight’s market cap hit $3 billion. The backlash is apparently now under way, with plenty of critics. Yahoo! Finance called Castlight the “most overpriced IPO of the century.” Why Castlight’s stock careened
The stock of the biopharmaceutical company fell 24% this week. Galena Biopharma (Nasdaq: GALE) Source: Yahoo! Finance
This week’s decline appears to be a continuation from last week’s announcement of an SEC investigation. The investigation stems from alleged questionable stock-promotions efforts by The DreamTeam Group, particularly involving the posting of positive articles about Galena. Several online financial sites, including The Motley Fool, pulled articles related to the controversy over the past few months. Why Galena shares dropped
While Castlight’s business model is compelling, the stock really is overpriced right now. Galena could certainly come back with good news from cancer immunotherapy Neuvax. Exelixis gets the nod as the most likely to rebound. Continuation of the Cometriq study was disappointing, but the market overreacted, in my view. Best shot at bouncing back? ?
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