3 Stocks Crushed by the Market This Week

As June draws near to its close, many investors are happy they didn’t “sell in May and go away”. Smiles aren’t on every face, though – especially for shareholders of these three stocks after a horrible week.

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Shares of the biotech dropped nearly 11% for the week.

Antares Pharma (NASDAQ:ATRS)

Source: Yahoo! Finance

• Antares announced that CEO Paul K. Wotton was stepping down to take a job with a development-stage biotech

• Eamonn Hobbs was named to take Wotton’s spot as CEO

• Hobbs served on Antares’ board for several years and has prior experience as CEO of two other health-care companies

• The musical chairs game was unexpected, as the future seems optimistic for Antares with sales picking up for Otrexup

Why Antares’ stock sank

The stock of this development stage biopharmaceutical firm fell over 11% this week.

Intercept Pharmaceuticals (NASDAQ:ICPT)

Source: Yahoo! Finance

• Intercept executive Rachel McMinn stated this week that data for the FLINT trial likely will be released in August rather than July

• This study focuses on Intercept’s lead product, Obeticholic Acid (OCA), in treating Nonalcoholic Steatohepatitis (NASH)

• Uncertainty about this delay appeared behind a sell-off of Intercept this week

• OCA, which also has a phase 3 study underway targeting primary biliary cirrhosis, could see peak annual sales of $10 billion if the drug ultimately wins approval for both indications

Why Intercept’s stock got a negative reception

Shares of the biopharmaceutical firm sank almost 17% this week.

CytRx Corporation (NASDAQ:CYTR)

Source: Yahoo! Finance

• CytRx reported no news this week• The stock has been on a roller coaster

ride in 2014 – losing over 60% of its value at one point before rebounding

• That ride has been an enjoyable one for shareholders since mid-May, when CytRx announced positive results from a mid-stage study of aldoxorubicin

• The latest pullback could simply be traders taking some profits

Why CytRx shares had a taste of bad medicine

• All three of this week’s losers could easily mount a comeback

• Antares seems to be on the right track with Otrexup, while CytRx’s aldoxorubicin could emerge as a winner down the road

• Intercept, however, could be the best pick to bounce back

• OCA has the potential to be a game-changing drug for NASH -- good results in August would turbocharge Intercept’s shares

Best shot at bouncing back?

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