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Our latest list of new IPO* movers of the week includes companies from pharmaceuticals and agriculture, plus those providing hotel search and cloud services.
Verona Pharma Plc. (Nasdaq: VRNA) jumped 38.1% for the week after announcing positive results for one of its drug candidates. The treatment was being tested as a complement to an existing drug frequently used for chronic obstructive pulmonary disease (COPD). The phase 2a trial showed significant improvement in lung function for patients with moderate-to-severe cases of COPD. Verona held its IPO in April at a share price of $13.50. The stock closed the week at $17.
Calyxt Inc. (Nasdaq: CLXT) rose steadily throughout the week, closing each day higher than the last. The specialty food ingredient developer beat expectations by a wide margin in its Aug. 30 earnings report, though earnings per share (EPS) were still negative at -$0.12. Analysts were expecting EPS at -$0.32. CLXT has been on the rise ever since its July IPO, when shares were offered at $8. The stock closed the week at $23.35.
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Trivago NV (Nasdaq: TRVG) led the losers with a 29.3% drop last week. On Wednesday, the hotel search platform lowered its guidance for the remainder of fiscal year 2017. The stock fell 22% that day, then slipped slower over the remainder of the week. After going public at $11 in December, TRVG peaked at $24.07 on July 19. But it has declined sharply since then. Shares closed the week at $10.96.
Tintri Inc. (Nasdaq: TNTR) was close behind, with a 28.2% plunge. On Thursday, the cloud services provider reported EPS for the quarter ending in July of -$0.91. That beat estimates of -$0.98, but its revenue, at $39.4 million, missed by $0.78 million. The stock fell more than 30% the next day. At least four law firms subsequently announced investigations of Tintri over possible securities fraud. The company held its IPO in late June at a share price of $7, after initially expecting to fetch between $10.50 to $12.50. TNTR closed the week at $4.55.
*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.