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Our top loser from last week's new IPO* movers is back in the cellar. Otherwise, it's all new faces.
Veritone Inc. (Nasdaq: VERI) soared head and shoulders above the rest of the pack, gaining 75.6%. The stock shot up early last Monday after a feature by Barron's on Aug. 18 said Veritone was leading the way in the development of artificial intelligence. VERI continued to rise over the rest of the week, though the share price did begin to pull back on Friday. The stock closed the week at $13.77, still shy of its May IPO price of $15.
Akcea Therapeutics Inc. (Nasdaq: AKCA) first topped our winners list for the week of July 17-21, jumping 42.7% immediately after the closing of its IPO. Last week, the drug company registered another big gain of 30.4%. Shares closed the week at $18.41, well over double its IPO price of $8. It's surprising to see the stock so high after Akcea had to slash its IPO price from earlier expectations of $12 to $14. But as we've always said, these IPO stocks are often volatile.
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Online retailer Netshoes Ltd. (NYSE: NETS) led our losers list last week after dropping 20.6% the week before. That came after beating earnings expectations for the last quarter. But the company is still losing money and missed revenue estimates. The stock has been steadily declining ever since, falling 17.1% last week after closing all five days lower than the last. The Brazilian company's April IPO was priced at $18. Shares climbed to over $26 in May, but have been on the decline since then. NETS closed the week at $12.18.
ObsEva SA (Nasdaq: OBSV) made four consecutive appearances on our new IPO movers list in June, falling for two weeks, then recovering over the next two. The Swiss pharmaceutical company, specializing in women's fertility treatments, didn't move much immediately after releasing its earnings report on Aug. 15. Perhaps the 14.6% drop last week was a delayed reaction, as the company reported -$0.61 earnings per share (EPS), substantially worse than the expected -$.0.45 EPS. Shares closed the week at $6.56, less than half of its January IPO price of $15.
*Stocks are listed on a U.S. exchange with an initial public offering in the last year. Data and analytics provided by FactSet.
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About the Author
Stephen Mack has been writing about economics and finance since 2011. He contributed material for the best-selling books Aftershock and The Aftershock Investor. He lives in Baltimore, Maryland.