There's never a shortage of losers in the stock market. Let's take a closer look at five of this past week's biggest sinkers.
|
Company |
June 7 |
Weekly Loss |
|---|---|---|
|
Synta Pharmaceuticals (NASDAQ: SNTA) |
$4.55 |
38% |
|
VeriFone (PAY) |
$17.09 |
27% |
|
Zynga (ZNGA) |
$2.84 |
16% |
|
Liquidity Services (LQDT -0.06%) |
$35.05 |
12% |
|
ImmunoGen (IMGN) |
$16.58 |
10% |
Source: Barron's.
Let's start with Synta Pharmaceuticals. Shares shed more than a third of their value after disappointing results for the biotech's experimental lung cancer treatment. Patients treated with Synta's ganetespib alongside standard chemotherapy managed a median overall survival rate of four months longer than those on chemo alone. That may seem like good news -- and it is -- but it's less than the benefit reported in a clinical study from last year.
VeriFone hit the register after coming up short in its latest quarter. The financial-transactions technology specialist posted an adjusted profit of $0.42 a share for the period, well short of the $0.47 Wall Street was targeting. VeriFone's near-term outlook also wasn't very inspiring.
Zynga fell after announcing that it will lay off nearly 20% of its employees. The social-gaming leader has struggled to grow bookings as the popularity of its older diversions starts to fade. Zynga is also warning that bookings for the current quarter will clock in at the low end of the range that it provided just six weeks ago.
Liquidity Services shares were being liquidated on Friday after posting disappointing gross merchandise volume for May. The move led at least one analyst to wonder whether the company will have to lower its guidance if June doesn't provide a dramatic uptick of activity for the marketplace operator.
ImmunoGen slipped on Monday -- generating its largest trading volume in more than a month -- after announcing its first clinical data of its cancer-tackling candidate. It didn't seem to be a bad report, with three of the patients with endometrial or ovarian cancer being singled out as having at least a partial response to ImmunoGen's IMGN853, but the success rate across 18 patients naturally could've been higher.
Ready for a bounce
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