WISCONSIN (CoinChapter.com) — The 10-year Treasury Yield was down slightly Friday but still close to recent highs. Investors are considering the possibility that interest rates would stay higher for longer due to the developments after this week’s Federal Reserve minutes revealed the institution wouldn’t rule out further rate increases.
Here are the five stock market losers:
Evelo Biosciences Inc. (NASDAQ: EVLO)
Evelo Biosciences Inc. (NASDAQ: EVLO) experienced a significant downturn of 38.96% on Friday, coinciding with the commencement of their 13.2 million common stock offering.
The Securities and Exchange Commission had issued a notice of effectiveness earlier on the same day, giving a green light for the proposed offering, which was initially filed on August 10th.
This considerable drop adds to an already challenging year for Evelo Biosciences, with shares down around 76% in 2023.
Farfetch Ltd. (NYSE: FTCH)
Shares of Farfetch Ltd (NYSE: FTCH) plummeted by 38.45% on Friday, as the luxury fashion company’s revenue for the second financial quarter fell significantly short of Wall Street’s expectations.
Additionally, Farfetch has revised its forecast for the year’s gross merchandise value to $4.4 billion, compared to the earlier prediction of $4.9 billion, citing a decrease in the value of orders processed.
The news of Farfetch Ltd missing Q2 estimates has led to severe market punishment. However, CEO Jose Neves remains confident in the company’s long-term growth and resilience despite the current challenges.
SRM Entertainment Inc. (NASDAQ: SRM)
SRM Entertainment Inc. (NASDAQ: SRM) officially announced the pricing of its Initial Public Offering (IPO) three days ago.
Although the news marked a milestone for the company, shares fell 38.30% in trading Friday. The IPO involved the sale of 1,250,000 shares of its common stock, each priced at $5.00, resulting in aggregate gross proceeds of $6.25 million before deductions.
In a strategic move to potentially raise additional capital, SRM Entertainment granted underwriters a 45-day option to purchase up to an extra 187,500 shares.
CervoMed Inc. (NASDAQ: CRVO)
CervoMed Inc. (NASDAQ: CRVO), previously known as Diffusion Pharmaceuticals Inc., a clinical-stage company specializing in treatments for degenerative brain diseases, announced yesterday the completion of its merger with EIP Pharma Inc. With no fresh news on the wires, shareholders sold off today.
Moving forward, the unified entity will operate as CervoMed Inc. The company’s shares began trading on a 1-for-1.5 reverse split-adjusted basis. CervoMed’s future efforts will primarily concentrate on progressing its leading drug candidate, Neflamapimod, an oral stress kinase inhibitor.
VinFast Auto Ltd. (NASDAQ: VFS)
Vietnam’s EV firm, VinFast Auto Ltd. (NASDAQ: VFS), skidded for a third consecutive session on Friday, contributing to a projected loss of over half its market value since a successful NASDAQ listing earlier this week.
The company, currently not profitable, was last valued at a significantly reduced $32.4 billion, starkly contrasting to the impressive $85 billion valuation it garnered on its Wall Street debut on Tuesday.
The stock price dropped 23.70%, sliding to $15.26 from the opening price of $22. Since founder Pham Nhat Vuong retains control of approximately 99% of the firm, the limited number of publicly available shares is susceptible to volatility.
