March 24, 2016: Here are four stocks trading with relatively heavy volume among 55 equities making new 52-week lows in Thursday’s session.
Portola Pharmaceuticals Inc. (NASDAQ: PTLA) posted a new 52-week low on Thursday. Shares traded at a low of $20.00, down about 30%, after closing at $28.62 on Wednesday. The stock’s 52-week high is $57.96. Volume totaled nearly 20 times the daily average of around 770,000 shares. The company announced a failure to meet expected thresholds in a phase 3 trial.
Lannett Company Inc. (NYSE: LCI) dropped about 16% on Thursday to post a new 52-week low at $17.08 after closing at $20.36 on Wednesday. The stock’s 52-week high is $72.44. Share volume of about 3.5 million was more than 3 times higher than the daily average of around 1.1 million shares traded. Canaccord Genuity downgraded the stock after Lannett revised 2016 guidance on Wednesday.
H&R Block Inc. (NYSE: HRB) dropped about 1.4% on Thursday to post a new 52-week low of $26.62 against a 52-week high of $37.53. The stock closed at $26.99 on Wednesday night. Volume totaled about 2.4 million shares compared with the stock’s daily average volume of around 3.2 million. The tax preparation company had no specific news on Thursday.
Teekay Tankers Ltd. (NYSE: TNK) fell by about 7.1% on Thursday to post a new 52-week low of $3.26 against a high of $8.53. The stock closed at $3.51 on Wednesday night. Volume rose to around 2.3 million shares, about 10% lower than the daily average of around 2.6 million shares traded. The shipping company had no specific news on Thursday, but low oil prices are not helping.
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