Big Losers and the Reasons for them (YRCW, PCX, SNGX)
In this report: Soligenix Inc. (OTCBB: SNGX), YRC Worldwide (NASDAQ: YRCW), Patriot Coal (NYSE: PCX).
Soligenix Inc. (OTCBB: SNGX) is trading more than 1.7 percent lower today after the company was downgraded from a “buy” rating to “hold” by an analyst at Brean Murray. The downgrade was made in a research note released to investors on Friday. Soligenix fell more than 79 percent during trading Thursday after the company announced that an independent Data Safety Monitoring Board (DSMB) recently performed a pre-determined interim safety and uselessness analysis for Soligenix’s confirmatory phase 3 clinical trial from orBec® to oral “has completed the formulation of beclomethasone dipropionate (BDP) in acute gastrointestinal graft-versus-host disease (GI GVHD)”. The DSMB also recommended that the study be discontinued because of the improbability of achieving the primary objective of the test.
YRC Worldwide (NASDAQ: YRCW) is trading more than 64 percent lower today after completing a financial restructuring that essentially wiped out equity. The company will raise $ 100 million in new capital as a result of the financial reorganization that will merge the company into a newly formed subsidiary. The decision came after a meeting between a group of lenders, bondholders and union members on Friday where they took control of the US trucker.
Patriot Coal (NYSE: PCX) is trading more than 9.8 percent lower today after the company announced it expects coal costs to rise as production will decrease by approximately 450,000 tons in the third quarter. The company has experienced slowdowns in production at its Federal and Panther mines in West Virginia due to “geological issues”. The company had previously forecast that the average cost per ton in its Appalachia mines would be somewhere in the mid-range of $ 70, but the company now says the cost will be a few dollars higher. Patriot Coal currently trades at $ 12.92 per share.