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June 30, 2023
The main stocks that are plunging: BeiGene, Ltd., Bright Health Group Inc., Iovance Biotherapeutics, Inc.
Leading equity indices in the US rose as Dow Jones closed the day at 34,122, having gained 0.8%. S&P 500 gained 0.45% and closed at 4,396.44.
Meanwhile, data from United States concerning Pending Home Sales was released yesterday at 14:00 UTC. Newly published figures emphasized continued decline from last month's figure of -0.4% to -2.7% this month.
What is a downtrend?
The perceived tendency of a price to move in a downward direction over time. A downtrend describes the price movement of a continously depreciative financial asset over a particular time frame. In a downtrend, each successive low and peak is lower than the ones found earlier in the trend. The downtrend is therefore composed of lower swing lows and lower swing highs.
| BeiGene | 21.45% ($47.5) depreciation over 19 days ($2.5 per day average)
After setting a $174.74 – $179.06 range, BeiGene, Ltd. closed the day 0.71% lower at $178.59. After closing the previous day at $179.86, the global oncology developer dropped to $174.74, hitting its lowest point in 7 months. It later recovered $3.85 and is now trading at $178.59. The global biotech company has recovered almost all of its session losses after dipping down to $174.74 yesterday. Trading volume totalled 203,154 which equates to around 71% of the stock's 21-day average yesterday.
Bright Health continues a 6 day downtrend; retreats 1% yesterday
Yesterday's session continued the recent downtrend: slightly down but mostly flat: Bright Health ranged between $10.75 and $11.47 before closing at $10.92. After setting a $10.75 – $11.47 range, Bright Health closed the day 1% lower at $10.92. Yesterday's trading volume was 52,550 shares which is below the 21-day average of 147,040.
The US health insurance company's market cap currently stands at $86.83 million with an average daily volume of 147,040 shares. The health insurance provider is up 7,408.51% from the significant low of 14.69 cents it hit a month ago. So far this year, it has been outperforming the Nasdaq by 1,511.46%. Bright Health is forecasted to generate revenues of $772.51 million and EPS of -18 cents.
| Iovance Biotherapeutics | continues a 12 day decline; slumps 4.47% yesterday
After setting a $7 – $7.39 range, Iovance Biotherapeutics closed the day 4.47% lower at $7.05. The US biotech pioneer plunged into the red after losing 4.47%, declining to $7.05. Yesterday's trading volume was 3.93 million shares which is lower than the 21-day average of 6.17 million.
