WISCONSIN (CoinChapter.com) — Investors are preparing for the critical US inflation statistics due out on Wednesday as they look for indications of a slowdown in consumer spending. When the August retail sales report is announced on Thursday, it will be possible to understand households’ resilience better.
Here are top stock market losers today
ACELYRIN Inc. (NASDAQ: SLRN)
Shares of biotech company ACELYRIN Inc. (NASDAQ: SLRN) took a significant hit on Tuesday, eliminating all progress since their impressive launch in May.
This downturn was triggered by the failure of ACELYRIN’s lead drug, Izokibep, in its clinical trial, where it could not outperform a placebo in alleviating symptoms of an inflammatory skin disease.
The disappointing results of this mid-to-late stage trial — particularly its inability to significantly reduce abscesses and inflammatory nodules, have cast a shadow over ACELYRIN’s previous achievement of raising $540 million in its initial public offering (IPO), the second-largest in the biotech sector this year. Shares fell over 59% on the news today.
Spectral AI Inc. (NASDAQ: MDAI)
Spectral AI Inc. (NASDAQ: MDAI), an AI company specializing in medical diagnostics for improved wound care, announced the commencement of trading on the NASDAQ Global Market under the ticker “MDAI” on September 12, 2023.
This follows the closure of its business combination with Rosecliff Acquisition Corp I, a move the company had previously announced. Spectral AI’s proprietary DeepView® System, an AI-based digital wound healing assessment tool, is at the core of its operations.
This system offers clinicians an objective and immediate tool in predictive medical diagnostics, revolutionizing treatment decisions for better patient outcomes. The stock sold off by 50.39% today.
Sight Sciences Inc. (NASDAQ: SGHT)
Sight Sciences Inc.’s (NASDAQ: SGHT) stock experienced a significant decline of 50.38% in trading on Tuesday following the issuance of a revenue warning by the eyecare technology company.
The warning comes after Sight Sciences reported fewer new Surgical Glaucoma accounts in the third quarter amid reimbursement uncertainty.
Consequently, the Menlo Park, California-based company has revised its third-quarter revenue expectations to between $19.0 million and $20.0 million, significantly below the FactSet consensus of $22.9 million.
The revenue warning and stock tumble follow the publication of local coverage determinations by five out of seven Medicare Administrative Contractors in June, potentially impacting non-implantable micro-invasive glaucoma surgery procedures.
Super League Enterprise Inc. (NASDAQ: SLE)
Super League Enterprises Inc. (NASDAQ: SLE), commonly known as Super League, released a statement today reporting that its underwriter, Aegis Capital Corp., has partially exercised its Over-Allotment Option in its recent public offering.
This partial exercise of the Over-Allotment Option by Aegis Capital Corp. has resulted in an acquisition of an extra 32,616 shares of Super League’s common stock at $2.60 per share.
The gross proceeds from this partial exercise of the Underwriting Option by Aegis Capital Corp. stand at approximately $84,801.60. This figure is before the deduction of underwriting discounts, commissions, and other associated offering costs payable by the Super League. Shareholders sold by 38.77% in Tuesday’s trading.
Orthofix Medical Inc. (NASDAQ: OFIX)
Orthofix Medical Inc. (NASDAQ: OFIX) witnessed a sharp 25.87% plunge in its shares on Tuesday following the abrupt termination of three of its top executives.
The leadership shakeup came after an independent investigation revealed a pattern of “repeated inappropriate and offensive conduct” by the now-former CEO Keith Valentine, CFO John Bostjancic, and chief legal officer Patrick Keran. Details of the inappropriate conduct were not made available.
In their stead, Catherine Burzik, Geoffrey Gillespie, and Puja Leekha have been appointed as interim CEO, CFO, and chief legal officer, respectively. Adding to the turmoil, Orthofix has withdrawn its participation from the upcoming Morgan Stanley Conference.
Interested in trading the stocks above? Sign up at OANDA today.
