Small Cap Losers: TVTX, PACK, LOTZ
9:33 pm Wednesday, June 02nd, 2021
Travere Therapeutics (NASDAQ:TVTX) fell over 15.50% to $15 after the company provided a regulatory update for its sparsentan program in focal segmental glomerulosclerosis (FSGS). Following achievement of the interim proteinuria endpoint in the ongoing Phase 3 DUPLEX Study of sparsentan in FSGS, the Company conducted pre-New Drug Application (NDA) interactions with the U.S. Food and Drug Administration in pursuit of an accelerated approval submission in the U.S., and Marketing Authorization Application (MAA) pre-submission interactions with the European Medicines Agency (EMA) for conditional marketing authorization and accelerated assessment consideration in Europe.
Ranpak Holdings Corp (NYSE: PACK) slumped 13.25% to $21.41. The company announced that it has commenced an underwritten registered public offering of its Class A common stock. The proposed offering consists of 4,500,000 shares being offered by Ranpak and 500,000 shares being offered by certain selling security holders of Ranpak (the “Selling Security Holders”).
CarLotz (NASDAQ: LOTZ) corrected 12.24% to $4.57 after the company announced a business update. Management informed investors that one of the company’s sourcing partners has paused its consignments to CarLotz due to wholesale market conditions. In a press release CEO Michael Bor said: The surge in wholesale vehicle prices and the continuing new car chip shortage continues to place limitations on inventory sourcing throughout the industry. This fact, combined with the pause of our profit-sharing account, has created challenges in obtaining our expected inventory levels.
This pausing of sourced vehicles will have a significant impact on its short-term business outlook since this sourcing partner accounted for more than 60% of the cars sold and sourced by CarLotz during Q1.
