Wall Street’s main indices rebounded from hefty losses on Wednesday after President Donald Trump announced that the US will pause the imposition of higher tariffs on 75 countries for 90 days.
In a post on Truth Social, Trump said that more than 75 countries have called to negotiate and have not retaliated in any way.
“I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” he noted.
Following the announcement, the Dow Jones jumped by 7.87 percent, the S&P 500 surged by 9.52 percent, and the tech-heavy Nasdaq soared by 12.16 percent.
Despite the overall market optimism, 10 companies, predominantly in the biopharmaceutical sector, registered losses amid the lack of fresh developments to spark buying appetite.
In this article, we listed Wednesday’s 10 worst performers and detailed the reasons behind their drop.
To come up with the list, we considered only the stocks with over $1 million in trading volume.
Stock market charts. Photo by Kaboompics.com on Pexels
10. Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD)
Ironwood saw its share prices drop for a fifth straight day on Wednesday, losing 7.21 percent to close at $1.03 apiece as investors sold off positions amid the lack of fresh catalysts to boost investing appetite and shifted funds to higher-yielding stocks.
In an overly optimistic market environment on Wednesday, the continued drop in its share prices signaled investor pessimism in the company.
Sentiment was further dampened after Nasdaq late last month sent the company a notification letter for its delayed filing of the 2024 Annual Report, and IRWD’s uncertain target date of filing.
“Under Nasdaq rules, the Company has 60 calendar days from the date of the Notice, or until May 20, 2025, to submit to Nasdaq a plan to regain compliance with the Rule. The Company plans to file its 2024 Form 10-K as soon as practicable and thereby expects to regain compliance with the Rule,” the company said.
9. Annexon Inc. (NASDAQ:ANNX)
Annexon Inc. fell for a fifth straight day on Wednesday, losing 7.79 percent to end at $1.42 apiece as investor funds flocked to higher-yielding stocks amid the company’s lack of catalyst to boost buying appetite.
On Tuesday, the biopharmaceutical company presented data for its late-stage targeted therapy for Guillain-Barré Syndrome (GBS). Called the tanruprubart, the phase 3 trial was said to have provided positive results in patients with GBS by shutting down neuroinflammation and nerve damage.
Tanruprubart is a first-in-kind monoclonal antibody designed to block C1q, the initiating molecule of the classical complement cascade. With a single infusion, tanruprubart halts ongoing neuroinflammation and nerve damage in the acute phase of GBS to improve and expedite overall recovery.
GBS is a neuromuscular emergency that affects at least 150,000 people worldwide each year, with no FDA-approved therapies.
“Tanruprubart has the potential to help patients get better faster and ultimately reach a better state of health than with existing therapies or without treatment, while significantly reducing the burden of care,” the company said.
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