EPAM Systems, Amyris, Blueprint Medicines And Other Big Stocks Moving Lower On Monday
Portfolio Pulse from Lisa Levin
U.S. stocks traded mixed on Monday, with several big stocks recording losses. Castle Biosciences, EPAM Systems, and Amyris were among the companies experiencing significant drops in share prices.
June 05, 2023 | 3:30 pm
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NEGATIVE IMPACT
Amyris shares fell 16.2% to $0.7885 after the company initiated a strategic transformation program and secured funding to deliver a cost reduction target of approximately $250 million from cost of goods sold.
Amyris' share price decline is directly related to the announcement of its strategic transformation program and cost reduction target, which may cause short-term uncertainty for investors.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Castle Biosciences shares dipped 48% to $11.80 after Baird, SVB Securities, and Lake Street lowered their price targets on the stock.
The significant drop in Castle Biosciences' share price is directly attributed to the lowered price targets by multiple financial firms, indicating a negative outlook for the stock.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
EPAM Systems shares dropped 17.7% to $213.50 after the company cut its second-quarter financial outlook.
The decrease in EPAM Systems' share price is a direct result of the company cutting its second-quarter financial outlook, which signals a negative short-term impact on the stock.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100