The stock market experienced a turbulent week, with several large-cap stocks taking significant hits. Here are the ten worst performers of the week, along with insights into the reasons behind their decline.
Summit Therapeutics Inc. (SMMT)
saw a steep 23.61% drop in its stock price. This decline followed the presentation of data for their novel bispecific antibody, ivonescimab, at the 2024 ESMO Annual Meeting. While the presentation itself didn’t reveal any negative findings, the market’s reaction suggests investors might be cautious about the drug’s future prospects.Joint Stock Company Kaspi.kz (KSPI)
took a major tumble, falling 21.66%. This dramatic drop was triggered by a short report released by Culper Research on the company. Short reports often aim to expose potential vulnerabilities in a company, and their publication can significantly impact stock prices.BioMarin Pharmaceutical Inc. (BMRN)
lost 16.74% last week after rival Ascendis Pharma ASND presented strong data for its dwarfism drug. This news likely sparked investor concerns about BioMarin’s competitive edge in the dwarfism treatment market.Rivian Automotive, Inc. (RIVN)
experienced a 13.26% decline last week. This fall may be attributed to broader market trends impacting the electric vehicle sector, which has been experiencing some volatility in recent times.FedEx Corporation (FDX)
fell 11.08% after reporting disappointing Q1 financial results and slashing its FY25 guidance. This news highlighted concerns about FedEx’s ability to navigate current economic challenges and achieve its projected financial goals.BioNTech SE (BNTX)
saw a 9.01% decrease in its stock price. While the company received a positive CHMP opinion for its omicron KP.2-adapted COVID-19 vaccine in the European Union, this news was overshadowed by investor concerns about the future demand for COVID-19 vaccines.Arthur J. Gallagher & Co. (AJG)
experienced a 7.17% drop. Despite several analysts raising the price target on the stock, the overall market sentiment appears to be bearish, leading to the decline.Chewy, Inc. (CHWY)
shares fell 6.97% following the company’s announcement of a selling stockholder’s public offering of shares and a concurrent share repurchase. This news often raises concerns about potential dilution of existing shares and can negatively impact stock prices.Novo Nordisk A/S (NVO)
declined by 6.93% after the release of headline results from a mid-stage study of monlunabant in obese patients. While the study itself showed promising results, investor expectations might have been higher, contributing to the stock’s dip.Murphy USA Inc. (MUSA)
shares dropped 6.90% after JP Morgan downgraded the stock from Neutral to Underweight. While JP Morgan also raised its price target from $415 to $435, the downgrade ultimately influenced investor sentiment and led to the decline.These ten stocks represent a snapshot of the market’s volatility in the past week. While some of the declines were driven by company-specific factors, broader market trends also played a significant role. Investors should carefully monitor these developments and consider their own investment strategies in light of the current market dynamics.
