Both the Dow Jones Industrial Average and S&P 500 have felt a huge downward push, even though it has only been just over a month into the new year, and only now are they starting to recover. Although stocks are beginning to make a comeback, there are still those that are caught in the downturn slowing this recovery.
We decided to pick out some companies that destroyed shareholders over the course of the past week. While these were not the four biggest absolute losers of the week, of the active stocks, these all issued or had news that pushed shares down. 24/7 Wall St. has included their recent trading history, as well as the 52-week trading range and the consensus analyst price target.
Community Health Systems
Community Health Systems Inc. (NYSE: CYH) spooked investors badly enough that all hospital stocks were running in the red on Tuesday. The company complained about a weak flu season, bad debts rising and lower than expected patient volume in former HMA markets. There is even a delayed spin-off here.
Community Health Systems was among the worst performing stocks on Tuesday, with shares down as far as 26%. The stock recovered only slightly over the rest of the week but shareholders were still punished.
Over the course of the week, the stock dropped roughly 22%. Shares of Community Health ended the week at $14.60, with a consensus analyst price target of $24.52 and a 52-week trading range of $12.86 to $65.00.
24/7 Wall St.Gogo
After American Airlines announced that it was considering ending its contract with Gogo Inc. (NASDAQ: GOGO), it shares hit a52-week low on Tuesday. Originally, Gogo was the Wi-Fi Internet provider for American Airlines’ fleet. This move would absolutely be devastating to Gogo because American Airlines is its second largest customer.
The stock dropped nearly 28% over the course of the week. Gogo shares were trading at $10.05 on Friday’s close, with a consensus price target of $9.94 and a 52-week range of $7.90 to $23.20.
Tonix Pharmaceuticals
Following the release of top-line results from a Phase 2 clinical study, Tonix Pharmaceuticals Holding Corp (NASDAQ: TNXP) fell relatively hard. Basically, the company announced top-line results for its proof-of-concept clinical study of TNX-201 (dexisometheptene mucate) in episodic tension-type headache. Needless to say, investors were not happy with these results.
Looking at the preliminary analysis of the results, Tonix determined that the study did not achieve its primary efficacy endpoint of participants achieving headache pain-free status at two hours after dosing. At the same time, the study also did not achieve two other primary endpoints. In 2016 alone, this stock has taken a beating, and unless this company can turn itself around in the near future, it could be the end.
Over the past week, the stock dropped 34%. Tonix shares closed at $2.61 on Friday, with a consensus price target of $11.50 and a 52-week range of $2.48 to $10.72.
TrueCar
On Thursday, TrueCar Inc. (NASDAQ: TRUE) reported a net loss of $0.06 per share on $63.6 million in revenue for the fourth-quarter. That compared to consensus estimates of a net loss of $0.04 per share and revenue of $64.8 million. In the same period of the previous year, TrueCar reported no earnings and $55.5 million in revenue. Also, the company expects first-quarter revenue to be in the range of $60 million to $62 million and for adjusted EBITDA to breakeven. The consensus estimates call for $0.01 in EPS on $69.18 million in revenue.
Last week, the stock dropped 17% from the high. The shares were changing hands at $5.04 as Friday’s session came to a close, within a 52-week range of $4.01 to $20.24. The consensus price target is $8.28.
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