WISCONSIN (CoinChapter.com) — After poor statistics from China and a sudden rate decrease from its central bank, sentiment was negative worldwide. China’s industrial production rose by a less-than-expected 3.7% in July compared to last year. Retail sales increased less than anticipated from the same time last year. The People’s Bank of China cut rates to 2.5% by 15 basis points in the interim.
Here are the five stock market losers:
Design Therapeutics Inc. (NASDAQ:DSGN) Stock Price
Design Therapeutics Inc. (NASDAQ: DSGN) suffered a significant blow as their stock plunged 68.62% in trading on Tuesday. This sharp decline was triggered by mixed results from an early-stage trial of their treatment, DT-216, intended for Friedreich ataxia, a genetic neuromuscular disease.
The phase 1 trial confirmed clinical activity but also revealed adverse injection-site reactions. Despite this setback, Design Therapeutics is committed to refining the formulation to mitigate these reactions and will initiate another early-stage trial.
However, the market’s reaction indicates that the Design Therapeutics stock plunged on trial results, raising investor concerns.
Galecto Inc. (NASDAQ:GLTO) Stock Price
Boston-based drug developer Galecto Inc. (NASDAQ:GLTO) has decided to cease the development of its therapy for a disease-causing lung scarring. This decision comes after the therapy failed to achieve the primary objective in a mid-stage study.
The announcement led to a significant 67.94% drop in Galecto’s shares, which opened at 77 cents. This is the first time the stock has fallen below the $1 mark since its listing in October 2020.
Despite this setback, Galecto, with a market value of approximately $64 million and cash resources of about $49 million, will now concentrate on its experimental liver disease treatments, aiming to conserve enough funds to sustain operations until 2025.
Altisource Asset Management Corp. (NYSE:AAMC) Stock Price
Altisource Asset Management Corporation (NYSE:AAMC) released its Q2 results today, reporting a loss of $2.16 per share in the second quarter of 2023. The company also announced $1.9 million in revenue for the same period. This compares to a loss of $2 per share on revenue of $533 thousand a year ago.
Following the report, the company’s stock fell by 67.30% to $10.74. Despite the increase in revenue, Altisource Asset Management’s earnings did not keep pace, indicating a shrinking profit margin.
MGO Global Inc. (NASDAQ:MGOL) Stock Price
MGO Global Inc. (NASDAQ:MGOL) has officially released its financial results for the second quarter of 2023.
The report reveals a significant increase in net loss compared to the same period in the previous year. For the three months ending June 30, 2023, the company reported an 86% increase in net loss to $1,337,518, equivalent to a $0.09 loss per share.
This starkly contrasts the net loss of $720,660, or $0.07 loss per share, for the same period in 2022. The six-month report ending June 30, 2023, also showed a net loss totaling $2,495,574 or $0.18 loss per share, as opposed to a net loss of $1,231,730 or $0.12 loss per share in the first half of 2022.
OptimizeRx Corp. (NASDAQ:OPRX) Stock Price
OptimizeRx Corp. (NASDAQ: OPRX), a prominent player in point-of-care technology solutions, has released its Q2 2023 financial results. The report indicates a GAAP net loss of $4.2 million, equating to $0.24 per basic and diluted shares outstanding, slightly increasing from the $3.9 million or $0.21 per share loss in Q2 2022.
The non-GAAP net loss for Q2 2023 was $0.2 million or $0.01 per fully diluted shares outstanding, contrasting with the $0.7 million or $0.04 per fully diluted shares during the same period in the previous year.
