10 Battered Biotech Stocks That Hit 52-Week Lows Friday

The markets have been strong over the past two weeks, bucking expectations that Britain’s exit from the European Union would lead to a medium-term malaise in the market. That has included the Nasdaq, which after a 2-day post-Brexit slide, has gained almost 10%, soaring 3% past its pre-Brexit mark.

However, not all Nasdaq stocks have been enjoying the recent surge in their index or the markets as a whole. A host of biotech stocks crumbled to their 52-week lows on Friday as they deal with disappointing study results and other negative catalysts that have pushed their shares to their lowest point in the past year. We’ll take a look at ten such stocks in this article and check on their performance.

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Avinger Inc (NASDAQ:AVGR) shares crumbled to their 52-week low of $6.16 on Friday and are down by 71% year-to-date. Part of the reason for the slide last week was a second quarter earnings revision issued by the company. In a piece by our friends at Market Exclusive, author Mark Collins is of a mind that while the revision was certainly disappointing, the sell-off of the stock was overdone and creates an attractive buying opportunity.

CytRx Corporation (NASDAQ:CYTR) shares tanked on July 12 after study data was released showing that the company’s cancer drug aldoxorubicin did not show a significant improvement in progression free survival compared to investigator’s choice therapy. The company blamed a clinical hold that had been put on the trial for the disappointing results. The market is not convinced and shares have continued to fall, hitting a 52-week low of $0.55 on Friday.

It was a volatile week for shares of EnteroMedics Inc (NASDAQ:ETRM), as the stock jumped by 30% on Wednesday only to plummet over the next two trading sessions and hit its 52-week low of $0.20 on Friday, though shares rebounded somewhat to close the week at $0.26. The medical device maker’s shares have lost 96% of their value over the last year.

Weak preliminary second quarter results sank Great Basin Scientific Inc (NASDAQ:GBSN) last week, pushing its shares down to a 52-week low of $1.05 on Friday. Shares have fallen into a great basin of their own, losing a horrific 97% of their value in 2016.

On the next page we’ll run through the remaining six biotech stocks that sunk to yearly lows on Friday.

Immune Design Corp (NASDAQ:IMDZ) slid to its 52-week low of $6.64 on Friday and has shed 66% of its value this year. The stock was in the portfolios of six of the hedge funds tracked by Insider Monkey on March 31, who collectively owned 7.10% of its shares.

Imprimis Pharmaceuticals Inc (NASDAQ:IMMY) hit a 52-week low of $3.34 on Friday before a late surge pushed it back up to $3.69. A position in the developer of compounded therapeutics was added to the portfolio of Bruce J. Richards and Louis Hanover’s Marathon Asset Management during the first quarter.

Intellia Therapeutics Inc (NASDAQ:NTLA) shares hit a new low on Friday and are trending down even further in morning trading on Monday, touching an all-time low of $17.12. It’s been an unsuccessful 2-month run for the company since its IPO in early May, as shares have fallen by 22%, including a 36% drop in the last month.

Mirati Therapeutics Inc. (NASDAQ:MRTX) ranked as one of hedge funds’ favorite stocks with an RSI under 30 a week ago, with its 14-Day RSI standing at 5.58 at that time. However, it has thus far failed to deliver a rebound, touching its 52-week low of $5.08 on Friday. Shares have gained 3.34% today.

Synergy Pharmaceuticals Inc (NASDAQ:SGYPW) hit a 52-week low of $0.35 on Friday after the company reported an update on its trials for plecanatide, including the resumption of patient enrollment in two phase III trials of the treatment. Shares have been battered to the tune of a 79% loss in 2016.

Lastly is Syros Pharmaceuticals Inc (NASDAQ:SYRS), which fell to a 52-week low of $14.27 on Friday and has already pushed that as low as $12.60 in morning trading today. Syros has proven to be another disappointing biotech IPO, having lost 23% since it went public at the end of June.

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