On this edition of Stock Movers:
- Vertex Pharmaceuticals Inc. (VRTX) shares fell after an experimental pain drug failed to provide post-surgery benefits and US regulators said they didn’t see a path forward for broad use of its pill in treating a chronic pain condition. Vertex has been trying to diversify beyond its core business of cystic fibrosis treatments. A key part of has been its new non-opioid pain drug, Journavx, which got US regulatory clearance in January. It was the first new type of painkiller to reach the US market in more than two decades. Shares of Vertex fell as much as 18% on Tuesday, marking their biggest drop in five years and erasing the stock’s year-to-date gain.
- Hims & Hers Health Inc.’s (HIMS) shares dropped in early trading Tuesday after the telehealth company missed second-quarter revenue estimates. The San Francisco-based company recorded sales of $545 million for the three months ended June 30, according to a statement, below Wall Street’s average estimate of $552 million. Hims reaffirmed its full-year revenue guidance of $2.3 billion to $2.4 billion. The company’s shares fell as much as 14% in early trading in New York Tuesday. The stock had risen more than 160% this year through Monday’s close.
- Molson Coors (TAP) shares are up at the moment. The company did lower its full-year guidance for the second quarter in a row, citing continued pressure from a weak consumer, falling US market share and rising costs tied to aluminum tariffs. Executives on a call with investors pointed to sagging consumer confidence as the primary drag on demand, saying that sentiment declined in late January and hasn’t recovered. Company executives also said the economic slowdown has hit Hispanic and lower-income consumers the hardest. “We do see the Hispanic consumer is disproportionately impacted by the overall macro environment,” Chief Executive Officer Gavin Hattersley said. Those shoppers bought beer less often in the quarter and spent less when they did, with more of them picking up single cans instead of full packs.
See omnystudio.com/listener for privacy information.
