Published on February 22, 2014
3 Horrendous Health-Care Stocks This Week
While the victors celebrated in Sochi this week, some Olympians felt the agony of defeat. The same was true in the world of health care. Source: Wikimedia Commons.
Onconova Therapeutics (Nasdaq: ONTX) The stock of the biopharmaceutical firm focusing on cancer drugs plunged nearly 38% for the week.
Why Onconova nosedived • It announced disappointing results for phase 3 study of rigosertib. • Rigosertib failed to meet its primary endpoint of median overall survival. • The study focused on use of the drug in the treatment of myelodysplastic syndrome, or MDS, in high-risk patients. • Another phase 2 study is under way for rigosertib in treating lower-risk MDS patients.
Medbox (NasdaqOTH: MDBX) Shares of this medical marijuana dispensing equipment maker careened more than 24% this week.
Why Medbox shares got clobbered • The company was the target of a damaging online article by Citron Research’s Andrew Left. • Left called Medbox’s stock “worthless” and accused the company of fraud. • Medbox publicly acknowledged some accounting errors that were corrected. • Medbox’s largest shareholder and chairman, Vincent Mehdizadeh, responded with a scathing criticism of Andrew Left.
GW Pharmaceuticals (Nasdaq: GWPH) The stock of the pharmaceutical firm focusing on medical marijuana fell nearly 9% this week.
Why GW shares weren’t buzzing • It was attacked by a short-seller, Infitialis, in a blog post. • The blogger listed multiple issues with GW Pharmaceuticals, including being overhyped as a marijuana play and overvalued. • The stock was hit hard initially, but recovered somewhat.
Best shot at bouncing back? • None of this week’s horrendous stocks look very promising. • Onconova still has a phase 2 study under way for rigersitib in treating lower-risk MDS, but it’s probably something of a long shot. • While short-sellers attacking Medbox and GW Pharmaceuticals don’t have the purest of motives, both stocks do appear to be overvalued. • Investors probably should consider looking elsewhere.
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