Why 60 Degrees Pharmaceuticals, Inc. (SXTP) Went Down On Thursday?

We recently published a list of 10 Stocks Fall Behind Amid Market Optimism. In this article, we are going to take a look at where 60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP) stands against other stocks that fall behind amid market optimism.

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.

A chemist examining a beaker of colored liquid and advanced pharmaceuticals.

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.

Overall, SXTP ranks 6th on our list of stocks that fall behind amid market optimism. While we acknowledge the potential of SXTP as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than SXTP but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.