Top Stock Market Losers: GRTX, ORGN, MGNI, INVZ, EBIX

WISCONSIN (CoinChapter.com) — The US consumer price index (CPI) rose 3.2% YoY in July, less than the 3.3% predicted by experts surveyed by Dow Jones. By expectations, inflation rose 0.2% monthly.

Here are the five stock market losers:

Galera Therapeutics Inc. (NYSE: GRTX)

Galera Therapeutics Inc (NYSE: GRTX) shrank 82.6% after the US Food and Drug Administration (FDA) declined to approve its drug for treating severe mouth inflammation in patients with advanced head and neck cancer.

The FDA expressed concerns over the effectiveness and safety profile of the experimental drug, Avasopasem, in reducing severe oral mucositis, a common side effect of radiotherapy. In its response letter, the regulator has asked Galera to provide results from an additional trial for re-submission.

Origin Materials Inc. (NASDAQ: ORGN)

Shares of Origin Materials (NASDAQ: ORGN) plummeted dramatically on Thursday, with the stock plunging below $2, marking a significant drop of 67.90%. The drastic downturn comes despite the company reporting a Q2 revenue of $6.9 million, starkly contrasting the absence of revenue in the same quarter last year.

Furthermore, the company closed the quarter with strong liquidity of $218 million. However, the market reaction was primarily driven by recent updates from Origin Materials, including a delay in its second commercial plant’s phase 1 launch timeline, Origin 2, which is now expected to commence operations between late 2026 and 2027.

Magnite Inc. (NASDAQ: MGNI)

Magnite Inc. (NASDAQ: MGNI), a leading ad tech company, witnessed a significant decline in its shares by 33.23% on Thursday following the announcement of its second-quarter results. Despite beating estimates with its EPS at $0.09 and revenue hitting $152.5 million, marking a 23.7% year-over-year increase, the market response was negative.

The company reported several key metrics, including a Q2 contribution ex-TAC of $134.7 million, CTV contribution ex-TAC of $56.1 million, and DV+ contribution ex-TAC of $78.6 million. The adjusted EBITDA stood at $37.3 million with a margin of 28%.

The downturn in share price indicates a complex market response that extends beyond immediate financial metrics.

Innoviz Technologies Ltd. (NASDAQ: INVZ)

Innoviz Technologies Ltd. (NASDAQ: INVZ) made headlines as its stock value tumbled 28.02% following an announcement of a secondary offering. The auto tech company, based in Israel, revealed that it would sell 26 million shares at $2.50 each, aiming to raise approximately $65 million before expenses for general corporate purposes.

This news disappointed investors as Innoviz Technologies’ stock fell today due to the significant discount from the previous $3.14 closing price.

Ebix Inc. (NASDAQ: EBIX)

Ebix, Inc. (NASDAQ: EBIX), a global frontrunner providing on-demand software and e-commerce services across various sectors, including insurance, finance, travel, healthcare, and e-learning, released its Q2 2023 results.

The GAAP operating income for this period is $29.1 million, marking a 3.3% decrease from the $30.1 million reported in Q2 2022.

This contraction is primarily attributed to certain debt-related costs. However, the Non-GAAP operating income for Q2 2023 saw a slight increase of 1.8%, rising to $34.6 million from the previous year’s $34 million.

Although Non-GAAP operating income for Q2 2023 increased, investors sold off as the overall numbers are not promising enough.