Top Stock Market Losers: AMBA, OKYO, TIVC, EGY, PLSE

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WISCONSIN (CoinChapter.com) — Stock market investors assessed the disappointing payrolls report on Wednesday.

In August, private companies gained 177,000 jobs, according to ADP, far below a revised July figure of 371,000; a Dow Jones projection of 200,000 was also missed. Additionally, annual gross domestic product growth was revised to 2.1% from the previous 2.4% forecast.

Ambarella Inc. (NASDAQ: AMBA), a manufacturer of computer-vision chips, exceeded Wall Street’s forecasts for its fiscal second quarter, but projected poorly for the current quarter, causing a significant decline in AMBA stock today.

The California-based company reported an adjusted loss of 15 cents per share on sales of $62.1 million for the quarter ending July 31, beating analyst expectations of a 21-cent loss. Despite this, Ambarella’s stock price plummeted due to weak demand and lower-than-expected sales forecasts for the upcoming period. This is in stark contrast to the same period last year when Ambarella reported an adjusted profit.

OKYO Pharma Ltd. (NASDAQ: OKYO), a bio-pharmaceutical firm specializing in ophthalmology, announced a significant milestone in its ongoing Phase 2 clinical trial for the drug OK-101. But the news was not enough to hold back sellers of the stock today.

The company successfully achieved 90% enrollment in the eye trial, which involves 240 patients. OKYO is developing OK-101 to address the substantial unmet need for a treatment for DED in a multi-billion-dollar market.

Tivic Health Systems Inc. (NASDAQ: TIVC), a health tech company specializing in the development and commercialization of bioelectronic medicine, announced two days ago that it signed a non-exclusive agreement with AmerisourceBergen, soon to be known as Cencora. Stockholders did not find the news promising enough to hold, as shares dropped 16.78% today.

The partnership aims to expand Tivic’s customer reach and product awareness by featuring its products on AmerisourceBergen’s third-party marketplace. The move will include offering Tivic’s patented ClearUP bioelectronic sinus pain relief device to independent retail pharmacies through the AmerisourceBergen Marketplace.

Vaalco Energy Inc. (NYSE: EGY) has reported that its operations in Gabon remain unaffected despite the recent political upheaval in the country.

The company’s Gabonese production, which is entirely offshore, continues to operate normally even after a group of military officers staged a coup, ousting President Ali Bongo, who had just been declared the winner of the presidential election.

Vaalco Energy stated that its Etame field near Gabon’s southern shoreline yielded approximately 641,000 barrels on Sunday.

Pulse Biosciences Inc. (NASDAQ: PLSE), a firm with a focus on the utilization of its Nanosecond Pulsed Field Ablation (nsPFA) technology for the treatment of atrial fibrillation, offered no news today but experienced a sell-off of 14.29%.

The latest announcement was on August 24, 2023, when the company offered further clarification on the details of its recent S-3 form filed with the SEC on August 11, 2023.

The company confirmed that the only shares registered in a recent S-3 filing are those currently held by the “selling security holder,” who has been identified as Robert W. Duggan, the Executive Chairman of Pulse Biosciences Board of Directors.

I began the financial industry in 1995 buying/selling mutual funds and US stocks. In 2007 I switched full-time to forex, later adding cryptocurrencies because of expanded interest in the field. I trade forex on the MT4 and write forex/cryptocurrency reports consisting of news and technical analysis. My writing has a nice balance of technical information for the seasoned trader, with plain enough language for a beginner.

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