NEW YORK (GenomeWeb News) – Vermillion and Affymetrix were the two worst performing stocks in April among the 36 that comprise the GenomeWeb Daily News Index.
Following a 10-for-one reverse stock split in early March, Vermillion’s shares fell sharply, only to regain some of its losses over the past few days. For April, the stock lost 65.8 percent of its value. However, since the market opened on Monday, Vermillion’s shares gained as much as 340 percent. The stock reached a high of $5.14 in Tuesday morning trade before settling back to $3.28 in the afternoon.
The Fremont, Calif.-based molecular diagnostics company had received a letter from Nasdaq on March 25, which said that the firm was not in compliance with a rule that stipulates companies’ securities must have a market value of at least $35 million to retain listing on the exchange. The letter was the second one sent to Vermillion over a two-month period that cautioned the firm was not in compliance with that rule. Vermillion said that it would request a hearing before a Nasdaq panel for continued listing.
Affymetrix’s stock sank 37.3 percent in April and was the second-worst performer among the stocks in the Index. In mid-April, Affy cautioned that it expects its full-year 2008 revenue to be approximately 3 percent lower than the amount it had previously forecast.
The Santa Clara, Calif.-based microarray firm lowered its revenue projection to a range of between $490 million and $510 million from its previous guidance of between $505 million and $525 million.
Affy’s shares reached a 52-week low of $10.08 the day after the firm lowered its forecast, but have risen a little over 14 percent since then and were trading at $11.52 in Tuesday afternoon trade.
Shares of three other firms in the Index fell more than 20 percent during the month of April: Lumera (-26.8 percent), Nanosphere (-23.1 percent), and Bruker (-21.25 percent).
Among gainers in the Index for the month, CombiMatrix had the best return, rising 14.7 percent. Early in the month, the Mukilteo, Wash.-based firm launched a genetic testing array for more than 125 disorders. It also said during the month that a federal court had increased an award due to the firm from an insurance company to $35.7 million, up from its previously announced award of $31.4 million.
The other stocks that gained in the double digits for April were Genomic Health (+13.9 percent), Waters (+10.3 percent), and Compugen (+10 percent).
Overall, the GWDN Index rose just .1 percent for the month of April, trailing the Dow Jones Industrial Average, which gained 4.5 percent; the Nasdaq, which climbed 5.9 percent; and the Nasdaq Biotech Index, which rose 2.3 percent.
While GenomeWeb Daily News covers many more firms than are in the Index, those that have been included have a significant portion of their business focused on molecular biology and cellular research tools and are publicly traded in the US.
GenomeWeb Daily News Index
(April 30, 2008)
(March 31, 2008)
|GWDN Index Average||26.90||