Boston, MA 03/27/2014 (wallstreetpr) – Exelixis, Inc. (NASDAQ:EXEL) is recovering today after its plunge yesterday by close to 40% post the company’s statement that it wants to take its clinical trial forward. The study trial relates to testing its drug cabozantinib aimed at treating patients with prostate cancer. Although the continuation of the trial does not appear to be such a bad news to push the stock down, but there are multiple concerns that the investors are jittery about. Firstly, the investors had anticipated the trial to end before the scheduled date. As per analyst, the continuation of trial points out to downbeat result of the drug, as compared to other drugs, which completed late-stage trials before schedule.
Sungy Mobile Ltd (NASDAQ:GOMO) is trading down post its fourth quarterly earnings after the company became public yesterday. The negative sentiments encompassing mobile internet stocks yesterday was partially responsible for a pull back in its prices. The broader market plunge was due to the poor debut of mobile game maker King Digital that dipped by nearly 16% in the day. There were other Chinese stocks too that retreated from their value. But, apart from this, the main reason of the fall was the company’s softer guidance for the first quarter revenue, projected between 55-60%. As a result, analyst from Oppenheimer revised their estimates for the company’s 2014 and 2015 earnings downward to $78 million and $112.8 million respectively.
Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) is recovering a bit today after its 23% yesterday that came in on account of correction in misinterpreted statement of the fellow fuel cell maker Plug Power Inc. A day earlier, ‘Marketwatch’ reported that Plug Power could announce receipt of a big order in the next few weeks, which spiked rally in the fuel cell stocks. But, later when Plug’s CEO corrected the statement saying that the order has already been disclosed on March 13, and there is no new order to be revealed has pushed the fuel cell stocks to the bottom. Of late, there has been a growing concern among analysts and industry veterans over the wild swing in these stocks and therefore, have cautioned investors to avoid venturing into these stocks.