CGIX Not In Pink Of Health, RIGL Down But Not Out, CRON Continues To Slide

(RTTNews) - The following are some of the stocks that lost the largest percentage in price today in the pharma/biotech sector.

1. Cancer Genetics Inc. (CGIX)

Lost 33.33% to close Tuesday's trading at $1.10.

News: The Company announced financial and operating results for the fourth quarter and full year ended December 31, 2017 as well as an update on its strategic direction and key organizational initiatives.

Net loss for the fourth quarter of 2017 widened to $7.9 million or $0.35 per share from $2.8 million or $0.15 per share for the fourth quarter of 2016. The Company reported total revenue of $7.5 million for the fourth quarter of 2017 compared to revenue of $7.2 million in fourth quarter of 2016, an increase of 4%.

The Company recorded a bad debt expense of $4.4 million in the fourth quarter of 2017.

Raymond James & Associates, Inc. is assisting the Company with evaluating options for its strategic direction. These options may include raising additional capital, the acquisition of another company and/or complementary assets, the sale of the Company, or another type of strategic partnership.

2. Precision Therapeutics Inc. (AIPT)

Lost 27.68% to close Tuesday's trading at $0.81.

News: The Company announced financial results for the three and twelve months ended December 31, 2017 and provided a business update on its plans to transition its strategic focus to precision medicine and the Contract Research Organization services sector.

Net loss available to common shareholders for the recent fourth quarter widened to $2.9 million or $0.43 per share from $732,772 or $0.16 per share in the year-ago quarter.

Revenue for the three months ended December 31, 2017 was $220,313, compared with $139,563 for the three months ended December 31, 2016.

The Company ended the year 2017 with cash of $0.76 million.

3. Rigel Pharmaceuticals Inc. (RIGL)

Lost 13.60% to close Tuesday's trading at $3.05.

News: The Company's proof-of-concept phase II study of Fostamatinib in patients with IgA nephropathy did not achieve statistical significance for its primary endpoint.

The primary endpoint was the mean change in proteinuria comparing Fostamatinib dose groups to placebo controls in all patients studied.

Near-term catalyst:

-- The Company plans to seek a pharmaceutical partner to collaborate in the conduct of follow-on clinical studies in IgA nephropathy.

4. Aeterna Zentaris Inc. (AEZS)

Lost 10.53% to close Tuesday's trading at $1.19.

News: No news

Recent event:

-- On March 28, 2018, the Company reported financial and operating results for the fourth quarter and year ended December 31, 2017.

Net loss for the recent fourth quarter narrowed to $0.5 million or $0.03 per share from $8.2 million or $0.71 per share in the year-ago quarter. Total revenue in the fourth quarter of 2017 dropped to $178 thousand from $304 thousand in the year-ago quarter.

At December 31, 2017, the Company had cash of $7.8 million.

-- On December 20, 2017, the FDA approved Macrilen, an orally available ghrelin agonist, to be used in the diagnosis of patients with adult growth hormone deficiency (AGHD). Macrilen is under review by the European Medicines Agency in Europe.

5. Cronos Group Inc. (CRON)

Lost 10.40% to close Tuesday's trading at $5.60.

Cronos Group is a Canadian licensed producer and distributor of medical cannabis.

News: No news

Recent events:

-- On March 19, 2018, MM Enterprises USA, LLC, a leading U.S. cannabis company with facilities in California, Nevada, and New York, entered into an agreement with Cronos Group to form a first-of-its-kind cross border joint venture.

The joint venture, called MedMen Canada Inc. will develop branded cannabis products and open stores across Canada by year's end.

-- On March 21, 2018, the Company entered into an agreement with a syndicate of underwriters co-led by GMP Securities L.P. and BMO Capital Markets to sell 10.42 million common shares on a "bought deal" basis, at a price of $9.60 each.

The gross proceeds from the offering are expected to be approximately $100.0 million ($115.0 million if the over-allotment option is exercised in full). The offering is expected to close on or about April 6, 2018.