Small Cap Losers: HMLP, SGOC, MYOV
4:15 pm Wednesday, July 28th, 2021
Hoegh LNG Partners LP (NYSE: HMLP) slumped 65% after the company cut its quarterly cash distribution to $0.01/unit from $0.44/unit, citing a need to conserve internally generated cash flows to resolve issues related to the ongoing refinancing of the PGN FSRU Lampung credit facility, which is not yet completed due to “failure by the charterer […] to consent to and countersign certain customary documents related to the new credit facility.” Downgraded at Barclays and B. Riley Securities. Drops to 52-week lows.
SGOCO Group, Ltd. (NASDAQ: SGOC) continued volatility; the stock, which advanced by approx. +30% yesterday after trending mostly lower through the previous two weeks while paring the spike it notched earlier in the month, currently trades with month-to-date gains of approx. +276%. The stock fell 22%.
Myovant Sciences Ltd (NYSE: MYOV) slid 6% to $19.10 after the company provided Q1 results; co posted total revs for the quarter of $41.1 mln, with net product revs from US sales of ORGOVYX of $10.5 mln and MYFEMBREE of $1.1 mln. Among other updates, co noted that it expects a partial clinical hold on the SERENE study of MYFEMBREE to be lifted in August and that it and Pfizer (PFE) have agreed to extend the timeline for Pfizer’s decision to exercise its exclusive option to develop and commercialize relugolix outside of the US and Canada through October. At two-month lows.
