The following are some of the pharma/biotech stocks that posted the biggest percentage decline today.
1. Champions Oncology Inc. (CSBR)
Champions Oncology is engaged in the development and sale of advanced technology solutions and products to personalize the development and use of oncology drugs.
Lost 17.93% to close Monday’s (Oct.29) trading at $9.84.
News: No news
On September 13, 2018, the Company announced financial results for the first fiscal quarter ended July 31, 2018.
On a non GAAP basis, Champions Oncology posted a net income of $565 thousand or $0.05 per share in the recent first quarter compared to a net loss of $110 thousand or $0.01 per share in the year-ago quarter. Revenue increased 23.7% to $6.2 million in the first quarter of fiscal 2019 from $5.0 million in the first quarter of fiscal 2018.
2. MYnd Analytics Inc. (MYND)
MYnd is a predictive analytics company that has developed a decision support tool to help physicians reduce trial and error treatment in mental health and provide more personalized care to patients.
Lost 16.47% to close Monday’s trading at $1.42.
News: No news
— On September 21, 2018, MYnd Analytics entered into definitive agreements with its CEO, Chairman, Directors and a Board member, among others, relating to a private placement of an aggregate of 459,458 units for $1.85 per unit.
— On August 13, the Company reported financial results for the fiscal third quarter and nine months ended June 30, 2018.
Revenue for the three months ended June 30, 2018 increased to approximately $392,000 from $40,400 for the same period ended June 30, 2017. Net loss for the fiscal third quarter of 2018 was approximately $2.9 million compared to net loss of approximately $1.6 million for the same period last year.
Looking ahead, the Company is optimistic of achieving a 10-fold increase in revenues for fiscal 2018 as compared to fiscal 2017.
3. Tilray Inc. (TLRY)
Tilray is focused on the research, cultivation, processing, and distribution of medical cannabis.
Lost 16.10% to close Monday’s (Oct.29) trading at $90.68.
News: With demand more than expected, there has been a shortage of marijuana supplies in Canada, which has started to hurt the pot stocks. Since reaching a high of $300 on Sep.19, the stock has lost 70% of its value.
Legal sales of recreational cannabis began on October 17, 2018 in Canada.
Some of the other pot stocks that posted huge decline in stock price today are Aurora Cannabis Inc. (ACB) – down 16.05% to $5.91 and Canopy Growth Corporation (CGC) – down 14.55% to $33.07.
4. Melinta Therapeutics Inc. (MLNT)
Melinta is a commercial-stage pharmaceutical company dealing with various anti-infectives for the treatment of bacterial infectious diseases in North America. The Company began trading on the NASDAQ on November 6, 2017, following its reverse mer ger with Cempra Inc.
Lost 15.36% to close Monday’s trading at $2.37.
News: The Company announced positive top-line results from its Phase III trial of Baxdela for the treatment of adult patients with community-acquired bacterial pneumonia (CABP). Despite the positive news, the stock took a hit.
Baxdela was approved by the FDA in 2017 for the treatment of adult patients with acute bacterial skin and skin structure infections (ABSSSI) caused by designated susceptible bacteria.
— Report third quarter 2018 financial results on November 7, 2018.
— File a supplemental New Drug Application with the FDA for Baxdela for the treatment of adult patients with CABP in the first half of 2019.
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