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.
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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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