On Wednesday, Following Stocks were among the “Top 50 Losers” of U.S. Stock Market: Organovo Holdings Inc (NYSEMKT:ONVO), Miller Energy Resources Inc (NYSE:MILL), American Apparel Inc (NYSEMKT:APP), CorMedix Inc (NYSEMKT:CRMD)
Organovo Holdings Inc (NYSEMKT:ONVO), with shares declined -5.84%, closed at $4.19.
Miller Energy Resources Inc (NYSE:MILL), with shares dropped -5.66%, settled at $1.00.
American Apparel Inc (NYSEMKT:APP), with shares dipped -5.19%, and closed at $0.730.
CorMedix Inc (NYSEMKT:CRMD), plummeted -5.01%, and closed at $8.35.
Latest NEWS regarding these Stocks are depicted underneath:
Organovo Holdings, Inc. (NYSEMKT:ONVO)
On March 13, Organovo Holdings, Inc. (ONVO), provided the following market update:
Organovo remains extremely excited about the early commercial success of our exVive3D™ Human Liver Tissue and we continue to believe it has a strong commercial future in front of it. Nothing has changed from the Corporation’s perspective, nor are we in possession of any new information that would dampen our optimism about the future of our exVive3D™ Human Liver Tissue or the future of Organovo. As we’ve said before, we believe that as we penetrate the toxicology market, our exVive3D™ Human Liver Tissue and service will grow into the tens of millions in annual proceed, and has $100M+ proceed potential in the future as we pursue diligent sales and marketing efforts (inside of a total addressable market of over $1B). We believe we’re on the way to building a strong profit center in research tissues for Organovo, which will expand with our launch of 3D bioprinted kidney tissues in 2016.
In addition to having excellent operational execution, Organovo is also financially strong. Our balance sheet is strong with no debt, more than $50 million in cash on hand, and a preceding quarter burn rate that annualized at about $19 million per year. We have recently communicated we expect spending on current projects to ramp our annual burn rate to $25 million per year; but even at that higher rate of spending, we have about two years of operating cash on hand.
Organovo’s Board and administration team are focused on executing our aims and remain confident in the Corporation’s technology and team. The Corporation has hit every milestone it has described to investors on a timely basis since going public in 2012. We are proud of our accomplishments to date, and we look forward to ongoing to execute our planned vision, counting a aim to build long-term shareholder value. We believe we are the leader in 3D bioprinting and 3D tissues and we are working diligently to retain leadership and capture value for our shareholders.
Organovo Holdings, Inc., a development-stage corporation, focuses on developing and commercializing functional human tissues that could be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or degenerating tissues and organs.
Miller Energy Resources, Inc. (NYSE:MILL)
Last Thursday, Miller Energy Resources, Inc. (MILL), stated the third quarter of fiscal 2015, which ended January 31, 2015.
Third Quarter Results:
Net production raised by 39%, with 312.9 Mboe in the third quarter of fiscal 2015, contrast to 225.4 Mboe for the third quarter of 2014 and 301.1 Mboe for the second quarter of fiscal 2015. The production raise was attributable to new wells being brought online and the attainment of Savant, in addition to improved performance at Redoubt.
Total proceed raised by 22%, with $20.3 million in the third quarter of fiscal 2015, contrast to $16.6 million for the third quarter of 2014 and $24.2 million for the second quarter of fiscal 2015. The raise from the same quarter last year in proceed was primarily due to raised production volumes and the attainment of North Fork which raised our natural gas sales, offset by declines in crude oil prices.
Lease operating expense raised by 100%, with $8.8 million in the third quarter of fiscal 2015, contrast to $4.4 million for the third quarter of 2014 and $9.0 million for the second quarter of fiscal 2015. The rise in operating costs related to changes in inventory, lower of cost or market adjustments to inventory, and higher operating expenses related to the Savant facilities at the Badami Unit.
Transportation costs raised by 14%, with $1.6 million in the third quarter of fiscal 2015, contrast to $1.4 million for the third quarter of fiscal 2014 and $0.4 million for the second quarter of fiscal 2015 due to raised production for the comparable periods.
General and administrative costs paid in cash reduced by 37%, with $6.6 million in the third quarter of fiscal 2015, contrast to $10.4 million for the second quarter of fiscal 2015 and $6.1 million for the third quarter of fiscal 2014. The decrease from last quarter was mainly related to lower expense related to changes in our administration team and non-recurring legal and SOX-related costs.
Depreciation, depletion and amortization expense raised by 156%, with $19.5 million in the third quarter of fiscal 2015, contrast to $7.6 million for the third quarter of 2014 and $20.1 million for the second quarter of 2015. The raise in DD&A expense was primarily a result of raised production from both the Cook Inlet and the attainment of Savant, and changes in the estimated reserves by field.
Adjusted EBITDA raised by 669%, with $33.2 million in the third quarter of fiscal 2015, contrast to $4.3 million for the third quarter of 2014 and $9.4 million for the second quarter of fiscal 2015. The raise related to recognition of $21.5 million, net of allowances, of Alaska carried-forward annual loss credits, lower general and administrative costs, raised net cash receipts on derivative settlements, offset by additional costs related to the Savant attainment.
Loss before revenue taxes raised by 2,845%, with $155.3 million in the third quarter of fiscal 2015, contrast to $5.3 million for the third quarter of 2014 and $285.7 million for the second quarter of 2015. The raise in the loss relates to the non-cash impairment charge of $149.1 million related to our Redoubt Unit and West McArthur River Unit field.
Miller Energy Resources, Inc., an independent exploration and production corporation, explores for, develops, and operates oil and gas wells in south-central Alaska. As of April 30, 2014, the corporation owned about 315,913 net acres of leasehold interests, exploration license rights to an additional 108,673 net acres, and interests in 12 crude oil and 11 natural gas wells in Alaska. The corporation is headquartered in Knoxville, Tennessee.
American Apparel, Inc. (NYSEMKT:APP)
According to Bloomberg report, American Apparel, Inc. (APP), takeover discussions with Irving Place Capital, which proposed buying the clothing chain for as much as $1.40 a share, have stalled, according to four people with knowledge of the situation.
A separate person familiar with American Apparel’s thinking said the board is still considering a sale. More than 10 entities, counting Irving Place and potential planned attainers, have signed nondisclosure contracts to look at the corporation’s books, the person said.
Last Month on February 23, a vertically integrated manufacturer, distributor, and retailer of branded fashion-basic apparel, declared two leadership appointments. Thoryn Stephens has been named Chief Digital Officer, a newly created position, and Cynthia Erland has been named Senior Vice President of Marketing.
Cynthia Erland will oversee the corporation’s marketing and communications programs. Erland is a seasoned marketing executive with over 20 years of fashion and entertainment branding experience. Most recently a senior marketing executive at Perry Ellis International, C&C California, Universal Studios and E! Networks, she has built a consistent track record of driving successful brand recognition through advertising, public relations, digital media, celebrity seeding, promotions and events.
American Apparel, Inc. designs, manufactures, distributes, retails, and sells branded fashion basic apparel products, and clothing and accessories for women, men, children, and babies.
CorMedix, Inc. (NYSEMKT:CRMD)
CorMedix, Inc. (CRMD), declared its earnings results on Monday. The corporation stated ($0.09) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.12) by $0.03, AnalystRatings.Net reports.
Formerly on March 9, a pharmaceutical corporation focused on developing and commercializing therapeutic products for the prevention and treatment of cardiac, renal and infectious diseases, declared the extension to April 30, 2015 of the expiration date applies to all publicly traded warrants.
CorMedix Inc., a pharmaceutical corporation, intends to in-license, develop, and commercialize therapeutic products for the prevention and treatment of cardiac, renal, and infectious diseases. The corporation markets Neutrolin, a catheter lock solution for the prevention of catheter related bloodstream infections and maintenance of catheter patency in tunneled, cuffed, and central venous catheters used for vascular access in hemodialysis patients.
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