February 23, 2016: Here are four stocks trading with heavy volume among 46 equities making new 52-week lows today.
PTC Therapeutics Inc. (NASDAQ: PTCT) dropped about 59% on Tuesday to post a new 52-week low of $11.45 against a 52-week high of $78.72. The stock closed at $28.26 on Monday night. Volume rose to nearly 24 million shares, miles above the stock’s daily average volume of around 850,000. The drugmaker received a letter from the FDA on Monday declining to review a new treatment on the grounds that the application was incomplete.
Chegg Inc. (NYSE: CHGG) posted a new 52-week low on Tuesday. Shares traded at a low of $3.15, down 41%, after closing at $5.34 on Monday. The stock’s 52-week high is $8.85. Volume totaled about 35% more than the daily average of around 21 million shares. The education materials and services company missed estimates last night and the stock was downgraded at from Outperform to Market Perform at Raymond James this morning.
Icici Bank Ltd. (NYSE: IBN) fell by more than 5% on Tuesday to post a new 52-week low of $5.42 against a high of $11.89. The stock closed at $5.72 on Monday night. Volume rose to about 8.3 million, roughly a third less than the daily average of about 12.2 million shares traded. The India-based bank had no specific news today.
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Chimerix Inc. (NASDAQ: CMRX) dropped by about 2% on Tuesday to post a new 52-week low at $4.46 after closing at $4.55 on Monday. The stock’s 52-week high is $58.04. Share volume totaled around 5 times the daily average of about 3.1million shares traded. After yesterday’s 39% drop, today’s decline is barely noticeable.
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