WISCONSIN (CoinChapter.com) — Stocks dipped on Friday as traders sought to book profits following the latest round of corporate earnings reports and new job statistics from the United States. The Dow Jones Industrial Average dropped 147 points, or 0.4%. The Dow gained over 291 points, or 0.8%, at its peak. The S&P 500 fell 0.5%, while the NASDAQ Composite fell 0.2%.
Here are the five worst performing stocks on August 4:
Mesoblast Ltd. (NASDAQ: MESO)
In a significant setback, the US Food and Drug Administration (FDA) has declined to approve Mesoblast’s cell therapy for children under 12 years of age, causing a sharp 61% drop in the company’s shares. The cell therapy was intended to treat complications post stem cell or bone marrow transplant. The FDA has requested additional data to support the approval of Mesoblast’s leading product, remestemcel-L.
Assertio Holdings Inc. (NASDAQ: ASRT)
Assertio Therapeutics Inc. (NASDAQ: ASRT) closed Thursday announcing its second quarter earnings of 2023.
The company reported an earning of $0.19 per share on an adjusted basis. The company’s revenue was reported at $41 million, which surpassed estimates by $1.4 million. In comparison, the company earned $0.28 per share on a revenue of $35.1 million in the same quarter of the previous year. However, on Friday, the stock declined by 39% to $2.89 post-report. Increased revenue amidst falling share prices indicates that Assertio has struggled to reduce costs after acquiring Spectrum Pharmaceuticals on July 31, 2023.
INVO BioScience Inc. (NASDAQ:INVO)
INVO Bioscience Inc. (Nasdaq: INVO), a leading healthcare services fertility company known for its INVOcell® medical device and innovative intravaginal culture (“IVC”) procedure, has announced the pricing of its public offering of 1,580,000 units.
Each unit is comprised of one share of common stock and two warrants to purchase additional shares of common stock, all priced at $2.85 per unit. Overall, investors were not impressed with the news; selling was hefty, ending the day with a 38% loss in value.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT)
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), a leading supplier of parallel-import vehicles in the US for the PRC market, announced the close of its Initial Public Offering (IPO).
The Company offered 1,250,000 shares of its Class A common stock at a rate of $4.00 per share. This IPO brought in gross proceeds of $5 million, prior to deductions related to underwriting discounts and other offering expenses. Regardless of the IPO, investors sold today and are waiting for quarterly reports to give them confidence.
ParaZero Technologies Ltd. (NASDAQ: PRZO)
ParaZero Technologies Ltd. (NASDAQ: PRZO) announced four days ago the closing of its Initial Public Offering (IPO) of 1,950,000 ordinary shares, priced at $4.00 per share. The IPO resulted in gross proceeds of $7.8 million. Today’s price does not reflect any fresh negative news, but rather investor’s profit taking.
