The following are some of the healthcare stocks that posted the biggest percentage decline on Thursday.
1. Cocrystal Pharma Inc. (COCP)
Cocrystal Pharma is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics.
Lost 35.53% to close Thursday's (Oct.31) trading at $0.74.
News: The Company has offered to sell 3.53 million shares of common stock at a price of $0.85 each in an underwritten public offering.
The Company also granted the underwriters a 45-day option to purchase up to 529,411 additional shares of common stock to cover over-allotments. The offering is expected to close on or about November 4, 2019, subject to the satisfaction of customary closing conditions.
Clinical Trials & Near-term Catalysts:
-- A phase IIa study of CC-31244 for the treatment of hepatitis C as part of a cocktail for ultra-short therapy of 4 to 6 weeks is ongoing in Hong Kong SAR, China is underway. Interim safety results for the Hong Kong Phase 2a study are expected in Q4 2019, with topline results anticipated in Q1 2020. -- Preclinical IND-enabling studies of CC-42344, the Company's molecule for the treatment of influenza A, are underway. The preclinical IND-enabling studies are expected to be completed in Q1 2020.
2. Merit Medical Systems Inc. (MMSI)
Merit Medical is a manufacturer and marketer of proprietary disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care, and endoscopy.
Lost 29.05% to close Thursday's trading at $20.66.
News: The Company reported third-quarter financial results and lowered its outlook for the full year 2019.
The non-GAAP net income for the quarter ended September 30, 2019, declined to $15.7 million or $0.28 per share from $26.0 million or $0.47 per share for the quarter ended September 30, 2018. The total revenue for the recent third quarter was $243.0 million, up 9.6% as reported over Q3 2018.
Looking ahead to full-year 2019, the Company has trimmed its non-GAAP earnings outlook range to $1.40 - $1.46 per share from its prior guidance per share range of $1.74 - $1.97. Likewise, revenue is now anticipated to be between $986 million and $995 million, revised from prior guidance range of $1,007 million to $1,029 million.
3. Assertio Therapeutics Inc. (ASRT)
Assertio Therapeutics, formerly known as Depomed Inc., currently markets three FDA-approved products, and its core areas of focus include neurology, orphan, and specialty medicines.
Lost 22.54% to close Thursday's trading at $0.79.
News: No news
On October 21, 2019, the FDA refused to approve the Company's New Drug Application for the injectable formulation of long-acting cosyntropin, stating that certain pharmacodynamic parameters were not adequately achieved.
The product, for which approval was sought under the 505(b)(2) regulatory pathway was proposed as a diagnostic drug in the screening of patients presumed to have adrenocortical insufficiency.
The Company is slated to release third-quarter 2019 financial results on Wednesday, November 6, 2019, after the close of markets.
4. RTI Surgical Inc. (RTIX)
RTI Surgical is a revenue-generating global surgical implant company providing surgeons with safe biologic, metal and synthetic implants.
Lost 20.29% to close Thursday's trading at $2.20.
News: The Company announced third-quarter financial results and lowered its revenue outlook for the year.
Net loss was $4.9 million or $0.06 per share in the third quarter of 2019, compared to net income of $2.9 million or $0.04 per share in the third quarter of 2018. The total revenue in the recent third quarter rose 10.2% to $76.1 million from $69.1 million during the same period in the prior year.
Looking ahead, the Company now expects full-year revenues to be in the range of $305 million to $310 million, a reduction from the previous range of $325 million to $335 million.
5. Cyclerion Therapeutics Inc. (CYCN)
Cyclerion Therapeutics is a clinical-stage biopharmaceutical company focused on the development of soluble guanylate cyclase (sGC) stimulators for the treatment of serious and orphan diseases.
Lost 13.09% to close Thursday's trading at $2.39.
News: No news
On October 30, 2019, the Company announced that both its phase II proof-of-concept studies of Praliciguat in heart failure with preserved ejection fraction and in diabetic nephropathy did not reach statistical significance on the respective primary endpoints. The stock has been hitting new lows, since that announcement.