5 Top Losers In Healthcare Sector (REXN, AXGN, INGN…)

(RTTNews) - The following are some of the healthcare stocks that posted the biggest percentage decline on Wednesday.

1. Rexahn Pharmaceuticals Inc. (REXN)

Rexahn Pharma is a clinical-stage biopharmaceutical company developing innovative therapies to improve patient outcomes in cancers.

Lost 46.50% to close Wednesday's (Aug.7) trading at $2.60.

News: The Company said it is surprised and disappointed with the most recent preliminary data from the ongoing Phase 2a trial of RX-3117 in combination with ABRAXANE in first-line metastatic pancreatic cancer patients.

As of July 24, 2019, an overall response rate of 23% had been observed in 40 patients that had at least one scan on treatment. Preliminary and unaudited data indicates that the median progression-free survival for patients in the study is approximately 5.4 months, according to the Company. Complete data from the trial is expected to be available in 2020.

The Company is not planning to conduct additional trials of RX-3117 in metastatic pancreatic cancer and is evaluating development options for RX-3117 in other indications.

2. AxoGen Inc. (AXGN)

AxoGen is a developer and marketer of innovative surgical solutions for damage or transection to peripheral nerves.

Lost 29.24% to close Wednesday's trading at $12.44.

News: The Company has reported financial results for the second quarter ended June 30, 2019, and has lowered its revenue outlook for the full year.

Adjusted net loss for the second quarter of 2019 widened to $3.7 million or $0.10 per share from $3.2 million or $0.09 per share in the second quarter of 2018. Revenue was $26.7 million in the recent second quarter, an increase of 30% compared to the second quarter 2018 revenue of $20.6 million.

Analysts polled by Thomson Reuters were expecting a loss of $0.14 per share on revenue of $26.76 million.

Looking ahead to full-year 2019, the Company has lowered its revenue outlook to a range of approximately $106 million to $110 million from its prior guidance range of $109 million to $114 million.

3. Titan Pharmaceuticals Inc. (TTNP)

Titan Pharma is a commercial-stage company, and its lead product is Probuphine implant, a novel and long-acting formulation of buprenorphine for the long-term maintenance treatment of opioid dependence.

Lost 27.38% to close Wednesday's trading at $0.77.

News: The Company has entered into a securities purchase agreement with a single accredited institutional investor to purchase approximately $2.1 million of its common stock in a registered direct offering and warrants to purchase shares of common stock in a concurrent private placement. The combined purchase price for one share of common stock and each warrant will be $0.75.

4. Guardion Health Sciences Inc. (GHSI)

Guardion Health is an ocular health sciences and technologies company.

Lost 27.37% to close Wednesday's trading at $0.76.

News: No news

Recent event:

The Company went public on the Nasdaq Capital Market on April 5, 2019, offering its shares at a price $4.00 each.

Portfolio:

The Company markets a medical food product under the brand name Lumega-Z that replenishes and restores the macular protective pigment in conditions such as age-related macular degeneration ("AMD"), computer vision syndrome ("CVS") and diabetic retinopathy. In June of this year, the Company launched its second ocular health formula, GlaucoCetin for glaucoma.

Another product in the kitty is a proprietary medical device called the MapcatSF that accurately measures the macular pigment optical density. The device is currently classified by the FDA as a Class I medical device which does not require pre-market approval.

5. Inogen Inc. (INGN)

Inogen is a medical technology company offering innovative respiratory products for use in the homecare setting.

Lost 23.31% to close Wednesday's trading at $42.32.

News: The Company reported lower-than-expected earnings and revenue for the second quarter of 2019, and reduced its full-year 2019 revenue outlook yet again.

Net income in the second quarter of 2019 declined to $10.2 million or $0.45 per share from $14.6 million or $0.65 per share in the second quarter of 2018. Total revenue for the recent second quarter rose 3.9% to $101.1 million from $97.2 million in the same period in 2018.

Analysts polled by Thomson Reuters were expecting earnings of $.49 per share on revenue of $106.7 million.

Looking ahead to the full year 2019, the Company now expects revenue to range between $370 and $375 million, down from its prior outlook range of $405 to $415 million. This is the second time that Inogen is reducing its revenue outlook. Revenue in 2018 was $358.1 million.