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.
8. Aditxt Inc. (NASDAQ:ADTX)
Aditxt saw its share prices decline for a fourth straight day on Wednesday, shedding 8.81 percent to end at $3 apiece as investors sold off positions despite news that it had officially regained compliance with the Nasdaq’s minimum bid price requirement.
The Nasdaq invited ADTX for a hearing on April 22, 2025 to supposedly explain its non-compliance, but it has already been canceled after regaining the compliant status.
“We are pleased to have regained compliance with Nasdaq’s listing requirements. We continue to remain focused on advancing our progress towards addressing autoimmunity, cancer, and other pressing health challenges,” said ADTX co-founder and CEO Amro Albanna.
In other news, ADTX said it entered into a financial agreement with Evofem Biosciences for a $1.5-million investment in the latter in exchange for a convertible note and a warrant to acquire shares.
The investment was in line with the two companies’ planned merger strategy which has been in the works since March 23.
7. Tonix Pharmaceuticals Corp. (NASDAQ:TNXP)
Tonix Pharmaceuticals fell by 9.64 percent on Wednesday to finish at $17.91 apiece as investors sold off positions amid the lack of fresh developments to spark buying.
The recent sell-off signaled investor pessimism, shunning its recent partnership with Makana Therapeutics to jointly study TNXP’s monoclonal antibody candidate in combination with Makana’s human-compatible organs and cells for the treatment of organ failure.
According to TNXP, the preclinical research and development collaboration has the potential to span multiple Makana programs including kidney, heart, and islet cell transplant.
TNXP said the goal of the study was to support the submission of an investigational new drug application (IND) to the US Food and Drug Administration (FDA) to support compassionate use for patients undergoing xenotransplantation.
“We believe this strategic agreement is a promising step towards utilizing xenotransplantation in the clinic. Makana’s novel genetically engineered (GE) pigs, which have deleted swine leukocyte antigen (SLA)2, have shown improved human compatibility and several other advantages over other technologies including high rates of fertility and birthing, which potentially increases their ability to produce viable organs to satisfy a commercial market globally,” said TNXP CEO Seth Lederman.
6. 60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP)
60 Degrees Pharmaceuticals saw its share prices drop by 12.89 percent on Wednesday to end at $2.5 apiece after earning a negative rating from Weiss Ratings.
In its recent report, Weiss gave the company a Sell rating on the stock. The outlook followed HC Wainwright’s report last March 28 where it gave SXTP a Neutral rating.
In recent news, SXTP said it signed a patent license agreement with Yale School of Medicine and Yale School of Public Health to advance the development and commercialization of tafenoquine to treat and prevent babesiosis.
Caused by Babesia, a microscopic parasite, the infectious disease spreads through black-legged ticks carried by deer. According to the company, it is particularly severe in the elderly and those who are immunosuppressed.
According to SXTP, a randomized clinical trial is underway to evaluate tafenoquine’s safety and efficacy in treating humans with severe babesiosis.
5. Newsmax Inc. (NYSE:NMAX)
Newsmax extended its losses for a second day on Wednesday, losing 11.48 percent to finish at $34.71 apiece as investors resumed profit-taking following Monday’s surge while shifting funds to higher-yielding assets.
On Monday, NMAX announced that its viewership jumped by 50 percent year-on-year to 33.6 million from 22.4 million in the same period last year.
First-quarter ratings this year also saw a healthy 15-percent increase from the fourth quarter of 2024 when 29.3 million viewers tuned in.
“These strong surges in audiences rarely happen in cable news,” said NMAX Vice President for Media and Market Research Jason Villar.
”We are clearly bucking the trend of cable news and overall cable viewership as viewers clearly like the product Newsmax is offering,” he added.
4. Revelation Biosciences Inc. (NASDAQ:REVB)
Revelation Biosciences dropped by 13.28 percent on Wednesday to close at $3.2 apiece as investors sold off positions for higher-yielding assets amid the lack of fresh developments.
In recent news, REVB announced positive results in the clinical trials for REVTx-300 and REVTx-100 for the potential treatment of acute and chronic organ disease and the prevention and treatment of infection.
According to the company, the studies, under what it named the Gemini project, showed a reduction in the inflammatory response in human peripheral blood mononuclear cells (PBMCs) that were exposed to clinically relevant molecules on inflammation.
Human PBMCs were primed with either Gemini or placebo followed by a challenge with clinically relevant promoter molecules of inflammation including high mobility box protein-1 (HMGB-1) and lipopolysaccharide (LPS) in vitro.
3. ZyVersa Therapeutics, Inc. (NASDAQ:ZVSA)
ZyVersa Therapeutics dropped its share prices by 18.90 percent on Wednesday to finish at $1.03 apiece, following a surge in its stock price the prior day.
The latest stock price was just 3-cents shy anew of the $1 minimum bid price requirement of the Nasdaq, having surged to $1.27 on Tuesday from $0.5820 last Monday.
Tuesday’s return to the $1 level snapped 24 consecutive days of trading below the minimum bid price requirement. Under the Nasdaq rules, companies are required to stay afloat at the $1 minimum bid price in order to stay listed.
In recent news, ZVSA said it narrowed its net loss last year by 90 percent to $9.4 million from $98.3 million in 2023, on the back of the absence of impairment charges that were recorded in 2023.
The company said it continues to focus on the development of its drug candidates, VAR 200, aimed at treating renal diseases, and IC 100, for the treatment of inflammatory conditions.
Both candidates are in various stages of preclinical and clinical development.
2. Neogen Corporation (NASDAQ:NEOG)
Neogen dropped for a second day on Wednesday, losing 28.69 percent to end at $5.02, following the company’s recent earnings performance and leadership management.
On Wednesday, NEOG reported a surprising rise in earnings per share but missed analysts’ revenue estimates.
In an investor call, NEOG posted EPS of $0.10, bucking a -$0.01 as forecast by analysts. However, revenues stood at $221 million, falling short of the $232.36 million consensus.
On the same day, NEOG announced the resignation of John Adent from his position as CEO, ending his eight-year career in the company.
The company added that its Board of Directors formed a special committee to direct the search for the company’s next CEO. It said the special committee has engaged a leading global executive search firm to support the research.
“We are grateful for John’s leadership over the past eight years as Neogen has transformed its business to focus on long-term, secular tailwinds in the food safety market,” said Jim Borel, a member of the board. “We appreciate John’s continued support to ensure a smooth transition while we complete a comprehensive search process.”
1. FatPipe Inc. (NASDAQ:FATN)
Newly listed FatPipe Inc. fell by 40.38 percent on Wednesday to end at $7.75 apiece as investors resorted to profit-taking following a surge in its first day as a public company.
FATN debuted on the stock market on Tuesday, opening at $6.50 apiece and ending higher at $13 each. However, investor optimism was short-lived, as traders sold off positions to book profits.
FATN initially planned to offer more than 696,000 shares at a price of $5.75 apiece. Following the IPO, the company expected to generate some $4 million in fresh proceeds.
FATN said it also granted the underwriters a 45-day over-allotment option to purchase up to an additional 104,348 shares of common stock at the public offering price, less underwriting discounts.
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