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Includes common stocks, ADRs and REITs listed on NYSE, Nasdaq or NYSE American with a prior day close of $2 a share or higher and volume of at least 50,000

Top Decliners/Price/Change/% Change

Rimini Street Inc. (RMNI) 3.25/-1.57/-32.57Stoke Therapeutics Inc. (STOK) 6.50/-3.03/-31.79BioNexus Gene Lab Corp. (BGLC) 3.90/-1.45/-27.10Tarsus Pharmaceuticals Inc. (TARS) 17.94/-6.05/-25.22Zevia PBC (ZVIA) 3.23/-1.01/-23.76

Expert Commentary: Why These Stocks Declined

Rimini Street, Inc.

RMNI daily chart. Credit: Stocktwits

Even though a court hearing was favorable for Rimini Street, Inc., stockholders sold off heavily today. The legal battle between Rimini Street and Oracle, which has been ongoing for over 13 years, is centered on the provision of third-party software support services by Rimini Street for specific Oracle product lines. Although the US Federal Courts have long established the legality of such third-party support, the Rimini II litigation pertains specifically to the manner in which these services are provided by Rimini Street. It’s important to clarify that Rimini Street is not barred from providing support or services for any Oracle products. In a surprising turn of events, right before the Rimini Street court hearing for the Rimini II litigation was about to commence, Oracle withdrew all its claims seeking any form of monetary compensation against both Rimini Street and its CEO, Seth A. Ravin.

Stoke Therapeutics Inc.

STOK daily chart. Credit: Stocktwits

Stoke Therapeutics experienced a significant decrease in value, shedding approximately 30% on Tuesday. This drop came in the wake of the company’s announcement of new data from its Phase 1/2a studies for STK-001, an antisense oligonucleotide aimed at treating patients with Dravet syndrome, a genetic form of epilepsy. Data from ongoing trials dubbed MONARCH and ADMIRAL revealed that 74 patients, aged between 2 and 18, tolerated STK-001 satisfactorily at single or multiple doses ranging from 10mg to 70mg. Nevertheless, Stoke Therapeutics falls were further aggravated by the fact that 32% of patients encountered a treatment-emergent adverse event linked to STK-001, and 20% experienced a treatment-emergent serious adverse event.

BioNexus Gene Lab Corp.

BGLC daily chart. Credit: Stocktwits

No specific news related to the fall in BioNexus Gene Lab Corp. shares was released Tuesday. The stock price is low though, and sensitive to price movements. BioNexus Gene Lab Corp. is a burgeoning entity in the Southeast Asia region specializing in the sale of chemical raw materials and the development of safe and effective liquid biopsy tests. One week ago they announced a successful completion of an underwritten public offering. The offering, which saw the release of 1,437,500 shares of common stock, including an additional 187,500 shares following the full exercise of its over-allotment option by the underwriter, was priced at $4.00 per share. This strategic financial move has culminated in total gross proceeds of $5.75 million for BioNexus Gene Lab Corp., which may bolster their future position in the industry.

Tarsus Pharmaceuticals Inc.

TARS daily chart. Credit: Stocktwits

Tarsus Pharmaceuticals, Inc., experienced a sell-off Tuesday after reaching a high of $21.38 early in the trading session. Tarsus Pharmaceuticals, Inc. is a pioneering healthcare company, and announced the FDA approval of XDEMVY (lotilaner ophthalmic solution) 0.25%, a groundbreaking solution for the treatment of Demodex blepharitis. This significant development marks the first time the FDA has approved a treatment specifically developed to target Demodex mites, the underlying cause of this eye condition. Although the stock fell today, it is attributed to profit taking.

Zevia PBC

ZVIA daily chart. Credit: Stocktwits

Zevia’s preliminary net sales for the second quarter were not in line with estimates, primarily due to unforeseen disruptions in the supply chain. “The transition challenges in our supply chain led to a decrease in service levels, despite robust customer demand,” Amy Taylor, Zevia PBC President and CEO, confirmed. She added, “Customer demand remained strong throughout the quarter. However, the fulfillment rates experienced a significant drop in the latter half of the quarter, failing to match the strong customer demand. To rectify this, we have implemented bold measures such as changes in supply chain leadership.”

The post Top Five Stock Market Losers of 25/07/23: RMNI, STOK, BGLC, TARS, ZVIA appeared first on CoinChapter.