5 Stocks Cut In Half In 2016
After a disastrous start to the year, the S&P 500 has bounced back strongly. Now that the first half of 2016 has come and gone, the January sell-off is a distant memory for most investors, and the SPDR S&P 500 ETF Trust (NYSE: SPY) is up a solid 2.1 percent year-to-date.
Unfortunately, not every stock got an invitation to the party. Here’s a look at five stocks that have lost more than half their value so far in 2016.
1. Ionis Pharmaceuticals Inc (NASDAQ: IONS)
Ionis shares plunged 35 percent in a single morning in May after GlaxoSmithKline plc (ADR) (NYSE: GSK) declined to initiate a Phase III study of the IONIS-TTR drug program. Ionis’ stock is now down 51.3 percent on the year.
2. SolarCity Corp (NASDAQ: SCTY)
Not even a buyout bid by Tesla Motors Inc (NASDAQ: TSLA) could salvage a disastrous first half of 2016 for SolarCity. After a lackluster 0.7 percent decline in 2015, the stock is down 53.5 percent in 2016.
3. Fitbit Inc (NYSE: FIT)
Fitbit continues to struggle to differentiate its products in an increasingly competitive wearable devices market. So far this year, the stock has fallen 57.8 percent.
4. Endo International plc – Ordinary Shares (NASDAQ: ENDP)
Endo’s stock tanked more than 25 percent following the company’s severe outlook cut in May. Year-to-date, Endo is now down 72.2 percent.
5. Valeant Pharmaceuticals Intl Inc (NYSE: VRX)
Valeant’s struggles with accusations of accounting scandal, price gouging and a questionable business model have been highly-publicized. It seems as though very few investors outside of Bill Ackman are willing to bet on a Valeant recovery. The stock is down 79.8 percent in 2016.
Disclosure: The author holds no position in the stocks mentioned.
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