5 Top Losers In Healthcare Sector (RMTI, LGND, MIST...)

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

1. Rockwell Medical Inc. (RMTI)

Rockwell Medical is a revenue-generating biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease (CKD).

Lost 14.74% to close Tuesday's (July 30) trading at $2.66.

News: In an SEC filing, the Company has revealed that it could be adversely impacted if the Centers for Medicare & Medicaid Services' proposed revisions to the Add-on Payment Adjustment ("TDAPA") program for renal dialysis services come into effect.

Under the proposed revisions, end-stage renal disease drugs approved by the FDA under certain types of New Drug Applications would be ineligible for TDAPA, effective as of January 1, 2020.

The Company completed the submission of its New Drug Application for the Intravenous (I.V.) formulation of Triferic for adult hemodialysis patients in May of this year.

Near-term Catalyst:

The Company is slated to release its 2019 second-quarter financial results on Thursday, August 8, 2019, after the close of the U.S. financial markets.

In the first quarter ended March 31, 2019, net loss was $8.7 million or $0.15 per share, on net sales of $15.6 million.

2. Obalon Therapeutics Inc. (OBLN)

Obalon is a medical technology company with the first and only FDA-approved swallowable, gas-filled intragastric balloon system for the treatment of obesity.

Lost 11.53% to close Tuesday's trading at $5.68.

News: No news

Recent event:

-- A 1-for-10 reverse stock split of the Company's common stock was implemented on July 25, 2019. -- On July 24, 2019, the Company announced its financial results for the second quarter ended June 30, 2019.

Revenues for the second quarter of 2019 declined to $0.4 million from $2.7 million in the comparable year-ago quarter, as the Company restructured its operations, eliminating its direct field sales force in advance of a transition to its new strategy and business model.

Net loss for the second quarter of 2019 narrowed to $6.8 million or $0.25 per share from $9.8 million or $0.57 per share for the second quarter of 2018.

3. Ligand Pharmaceuticals Incorporated (LGND)

Ligand is a biopharmaceutical company focused on developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Revenue is generated from royalties from commercialized products, license and milestone payments and sale of Captisol material.

Lost 11.38% to close Tuesday's trading at $95.22.

News: The Company slumped to a loss in the second quarter of 2019 as revenue dropped more than 70%.

Net loss for the second quarter of 2019 was $14.4 million or $0.74 per share compared with net income of $73.2 million or $2.99 per share, for the same period in 2018. Total revenues for the second quarter of 2019 were $25.0 million, compared with $90.0 million for the same period in 2018.

4. Sintx Technologies Inc. (SINT)

SINTX Technologies is a commercial biomaterial company focused on using its silicon nitride technology platform to develop, manufacture and sell a broad range of medical devices.

Lost 11.29% to close Tuesday's trading at $2.75.

News: No news

Near-term Catalyst:

The Company is slated to report second-quarter 2019 financial results in the second week of August.

5. Milestone Pharmaceuticals Inc. (MIST)

Milestone Pharma is a phase III clinical-stage biopharmaceutical company dedicated to developing and commercializing Etripamil for the treatment of cardiovascular indications.

Lost 9.01% to close Tuesday's trading at $15.95.

News: No news

Pipeline and Near-term Catalysts:

The Company's lead candidate, Etripamil, designed as a nasal spray, is under a phase III trial for the treatment of paroxysmal supraventricular tachycardia or PSVT. The top-line data from this study is expected in the first half of 2020. Another phase III trial of Etripamil in PSVT is anticipated to be initiated in the second half of 2019.

A phase II clinical trial of Etripamil in atrial fibrillation is expected to be initiated in the second half of 2019, and an additional phase II clinical trial in angina to establish proof-of-concept for the broader use of Etripamil is expected to be initiated in 2020.