Canopy Growth Corporation, Fate Therapeutics, Inc., Tilray, Inc. are at the top of this list of down trending small cap stocks.
Markets did not have a clear cut direction — Dow Jones ended the session at 32,850 after a 0.28% gain. S&P 500 closed 3,821.62 after a stable day.
Current market events are being influenced by ambiguous macro data as United States Building Permits (Nov) released yesterday at 13:30 UTC with a figure of 1.34 million, while the previous figure was 1.51 million.
What is a downtrend?
The perceived tendency of a price to move in a downward direction over time. A downtrend describes the price movement of a continously depreciative financial asset over a particular time frame. In a downtrend, each successive low and peak is lower than the ones found earlier in the trend. The downtrend is therefore composed of lower swing lows and lower swing highs.
| Canopy Growth | 45.14% ($1.91) depreciation over 11 days (17.3636 cents per day average)
After setting a $2.3 – $2.44 range, Canopy Growth Corporation closed the day 1.66% lower at $2.37. Grinding lower but with no clear-cut direction, the cannabis producer closed the session at $2.37 after forming a distinct $2.3 – $2.44 range. Yesterday's trading volume was 9.41 million shares which is below the 21-day average of 15.52 million.
Fate Therapeutics continues a 12 day downtrend; slides down 0.94% yesterday
Yesterday's session continued the recent downtrend: despite the risk-off mood, Fate Therapeutics was range-bound between $12.41 to $12.88 and settled at $12.63. After setting a $12.41 – $12.88 range, Fate Therapeutics closed the day 0.94% lower at $12.63. Daily trading volume (1.72 million shares) was slightly above the current multiday average of 1.62 million.
The company's market cap currently stands at $1.23 billion with an average daily volume of 1.62 million shares. 11 months ago the clinical-stage biopharmaceutical company reached a significant high of $64.34 but has consequently lost 80.18% since then. So far in 2022, it has been doing worse than the Nasdaq by 28.77%. Pointing downwards for around a month. Fate Therapeutics's last revenue report was $14.98 million with an EPS of -86 cents.
| Tilray | 39.53% ($1.7) depreciation over 11 days (15.4545 cents per day average)
Yesterday's session continued down the same path: an influx of sellers pushed the US pharmaceutical and consumer packaged goods company to session lows around $2.75 while establishing a $2.75 to $2.95 session range yesterday. After setting a $2.75 – $2.95 range, Tilray closed the day 5.03% lower at $2.83. Daily trading volume (28.58 million shares) increased, making up 130% of the 21-day average (22 million).
Tilray is currently trading with a market cap of $1.73 billion with an average daily trading volume of 22 million shares. Over the past 8 months, the US pharmaceutical and consumer packaged goods company has retreated 65.19% from a noteworthy peak of $8.56. $153.21 million was Tilray's last reported revenue with -13 cents being the current EPS.