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3 Stocks Crushed by the Market This Week
Health care saw plenty of huge winners this week – but some stocks also got crushed by the market. Here are three of the biggest losers. 1 2 3
The biopharmaceutical company’s shares plunged 35% for the week. Provectus Biopharmaceuticals (NYSEMKT:PVCT) Source: Yahoo! Finance
A blog posted on an investment community website alleged that Provectus appeared to have failed to win Breakthrough Therapy Designation for cancer drug PV-10 Provectus responded publicly on Wednesday, stating that the FDA had not reported any status as of yet On Friday, however, the company announced that the FDA had indeed denied Breakthrough Therapy Designation for PV-10 Provectus stated that it remains committed to bringing the drug to market Why Provectus shares were pummeled
Shares of the biopharmaceutical firm dropped 18% this week. Intercept Pharmaceuticals (Nasdaq:ICPT) Source: Yahoo! Finance
Emails were made public showing that Intercept didn’t disclose lipid abnormalities related to use of its liver disease drug obeticholic acid, or OCA, when it announced an early stop to a clinical trial in January Intercept’s stock shot up over 280% after the clinical study ended early, having met its primary endpoint The company announced in March that there were 10 cardiovascular events in a study of OCA, but the number was not statistically significantly different than the placebo arm of the study Why Intercept’s stock imploded
The stock of the biotech fell nearly 11% this week. Pharmacyclics (NASDAQ:PCYC) Source: Yahoo! Finance
Pharmacyclics announced on Friday that Paula Boultbee, Executive VP of Sales & Marketing, resigned Boultbee had worked with the company’s collaboration partner Janssen, a unit of Johnson & Johnson, on commercialization of mantle cell lymphoma and chronic lymphocytic leukemia drug Imbruvica This news followed another staff change earlier in the week, with Greg Wade being named as Executive VP of Business Development Why Pharmacyclics shares faltered
Any of this week’s big losers could mount a comeback Pharmacyclics seems to be the best bet for rebounding This week’s sell-off on news of the sales VP resigning seems overdone Despite potential competition from other drugs in development, Imbruvica still has solid prospects Barring any damaging revelations about Boultbee’s exit, Pharmacyclics shares should regain steam Best shot at bouncing back? ?
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