March 17, 2016: Here are four stocks trading with heavy volume among 60 equities making new 52-week lows in Thursday’s session.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped another 11.4% on Thursday to post a new 52-week low at $29.71 after closing at $33.54 on Wednesday. The stock’s 52-week high is $263.81. Share volume of about 46 million was nearly 4 times the daily average of around 12 million shares traded. No more bad news on Thursday, just more investors voting with their feet. And they are deserting other specialty drug makers as well. On Wednesday Mallinckrodt and Endo made new lows on heavy volume. The other three heavily traded stocks making new lows on Thursday are also specialty pharma houses.
Endo Pharmaceutical plc (NASDAQ: ENDP) fell by about 19% on Thursday to post a new 52-week low of $27.45 against a high of $96.58. The stock closed at $33.91 on Wednesday night. Volume rose to around 18.4 million shares, about 4 times the daily average of around 4.7 million shares traded. The company’s presentation at Thursday’s Barclays Global Health Conference did nothing to salve the beating shares took.
Eli Lilly and Co. (NYSE: LLY) dropped about 6.3% on Thursday to post a new 52-week low of $67.88 against a 52-week high of $92.85. The stock closed at $72.48 on Wednesday night. Volume rose to more than double the stock’s daily average volume of around 5 million. Lilly announced on Tuesday a change to the primary endpoint of a study on its Alzheimer’s drug, and combined with the Valeant debacle, the shares got hammered.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) posted a new 52-week low on Thursday. Shares traded at a low of $53.46, down about 3.4%, after closing at $55.32 on Wednesday. The stock’s 52-week high is $72.31. Volume totaled about double the daily average of around 5.3 million shares. Another pharmaceuticals maker that is guilty by association.
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