Small Cap Losers: BTCM, YI, SMMT
9:51 pm Wednesday, May 19th, 2021
BIT Mining Ltd (NYSE:BTCM) fell over 11% to $11.07 after the company today announced that it has entered into a binding investment term sheet to invest a total of $25.74 million in a cryptocurrency mining data center in Texas. A sharp drop in pricing for bitcoin and other cryptocurrencies connected to various factors, including reports of incased regulatory barriers in China, weighs on cryptocurrency-exposed names generally.
111 Inc – ADR (NASDAQ: YI) slumped 17.22% to $9.52. The company reported Q1 results. Net revs increased +64.7% yr/yr to RMB2.6 billion, or +89.0% excluding pandemic-related items. Operating costs and expenses increased +63.8% yr/yr to RMB2.8 billion. Co’s two new fulfillment centers in Northwest and Northeast China re now fully operational; co is also expanding some of its existing fulfillment centers to meet growing demand. Sees Q2 revs growth of approx. +80-90% yr/yr.
Summit Therapeutics Inc (NASDAQ: SMMT) corrected 12% to $7.07. Continued volatility; the stock moderates gains of approx. +49% netted through the previous two sessions. Summit Therapeutics Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines to treat infectious diseases in the United States, Latin America, and Europe. It conducts clinical programs focusing on the Clostridioides difficile infection (CDI). The company’s lead product candidate is ridinilazole, an orally administered small molecule antibiotic that is in Phase III clinical trials for the treatment of CDI.
