WISCONSIN (CoinChapter.com): The biggest plunge in the stock market today was Mersana Therapeutics. Shares price dropped more than 60% in premarket trading Thursday after the clinical-stage biopharmaceutical company announced the failure of its lead product candidate in a late-stage study.
Why these Stocks Declined:
Mersana Therapeutics, Inc. (NASDAQ:MRSN) Stock Forecast
Mersana Therapeutics, Inc.(NASDAQ:MRSN), a clinical-stage biopharmaceutical company, announced today that its UPLIFT clinical trial of upifitamab rilsodotin (UpRi), an antibody-drug conjugate (ADC), did not meet its primary endpoint.
The disappointing Mersana data from the trial indicate that UpRi, developed using the company’s Dolaflexin platform and targeting the sodium-dependent phosphate transport protein NaPi2b, failed to produce the desired results in platinum-resistant ovarian cancer patients. The UPLIFT trial was a single-arm study enrolling patients with one to four prior lines of therapy.
Mersana Therapeutics, Inc. (MRSN) stock daily chart. Credit: Stocktwits
Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Stock Price
Eos Energy Enterprises, Inc. (NASDAQ:EOSE) stocks resumed trading today after a brief halt prompted by circuit breaker measures. Unfortunately, individual investors and institutions witnessed a substantial 42% dip in Eos Energy Enterprises (NASDAQ:EOSE) share price amid a repeated short call from Iceberg Research. This decline posed significant challenges, reflecting the volatility and inherent risks associated with the stock market.
Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Share price Credit: Stocktwits
Shyft Group, Inc. (NASDAQ:SHYF) Stock Price
The Shyft Group, Inc.(NASDAQ:SHYF) reported second-quarter 2023 results, revealing a revised full-year 2023 outlook primarily driven by a slowdown in last-mile delivery and motorhome end markets.
The company recorded sales of $225.1 million, marking a decrease of $7.1 million, or 3.1%, from the previous figure of $232.2 million. Net income stood at $4.7 million, or $0.13 per share, compared to $5.3 million, or $0.15 per share.
The last quarter saw concerns surrounding a tougher demand environment materialize. Ongoing softness in the parcel market and high dealer inventories led to last-mile customers deferring and canceling orders, resulting in lower OEM chassis production.
Shyft Group, Inc. (NASDAQ:SHYF) Stock Price daily chart. Credit: Stocktwits
ABVC BioPharma, Inc. (NASDAQ:ABVC) Stock Price
The stock price of ABVC BioPharma (NASDAQ:ABVC), a clinical-stage biopharmaceutical company, has taken a significant hit, plummeting 36% as the company announced its entry into a securities purchase agreement with a lone institutional investor. The slump comes in response to ABVC BioPharma’s decision to price a $1.75M direct offer for an aggregate of 500K shares at a purchase price of $3.50 per share of common stock.
ABVC BioPharma, Inc. (NASDAQ:ABVC) Stock Price. Credit: Stocktwits
TPI Composites, Inc. (NASDAQ:TPIC) Stock Price
TPI Composites, Inc., a prominent industry player, has unveiled its preliminary Q2 earnings for the period ending June 30, 2023. The company issued a statement, which in part read, “Our customers have slowed new product introductions and committed to focusing on fewer, more standardized wind turbine and blade models.” It must be noted that the organization, like many others in the sector, has faced challenges arising from quality issues that have adversely affected performance.
TPIC daily chart. Credit: Stocktwits
