Canopy Growth, Avadel Pharmaceuticals And Other Big Stocks Moving Lower On Friday

U.S. stocks traded lower, with the Nasdaq Composite dropping around 100 points on Friday. Here are some big stocks recording losses in today’s session.

• GSR II Meteora Acquisition Corp. GSRM fell 26.4% to $7.66.
• Virgin Galactic Holdings, Inc. SPCE dropped 17.4% to $4.3950 after the company announced another at-the-market stock offering of $400 million to raise capital. The offering would be dilutive to shares.
• Avadel Pharmaceuticals plc AVDL dropped 12.4% to $13.35. Jazz Pharmaceuticals filed suit against the FDA for approving Avadel Pharmaceuticals Lumryz (sodium oxybate extended-release) for cataplexy or excessive daytime sleepiness in adult patients with narcolepsy.
• Kingsoft Cloud Holdings Limited KC declined 12.5% to $5.62.
• Canopy Growth Corporation CGC dipped 11.5% to $0.5313 as the company said FY23 net revenue dropped 21%.
• Cricut, Inc. CRCT fell 9.4% to $15.38.
• Sarepta Therapeutics, Inc. SRPT dropped 9.2% to $112.51. Evercore ISI Group downgraded Sarepta Therapeutics from Outperform to Neutral and announced a $139 price target. The FDA granted accelerated approval to closely watched Sarepta Therapeutics’ gene therapy, Elevidys, for Duchenne muscular dystrophy (DMD) in ambulatory pediatric patients aged 4 through 5 years with a confirmed mutation in the DMD gene.
• C3.ai, Inc. AI fell 8.7% to $34.14.
• Diversified Healthcare Trust DHC fell 8.7% to $1.77.
• Nikola Corporation NKLA dropped 7.5% to $1.2763. Nikola Motor Company tweeted "Early this morning behind our phoenix headquarters, a fire occurred which affected multiple battery electric trucks. no one has been injured....."
• P3 Health Partners Inc. PIII fell 7.4% to $3.40.
• XPeng Inc. XPEV dropped 7.3% to $9.79.
• NIO Inc. NIO fell 6.5% to $8.34.
• Novonix Limited NVX fell 5.4% to $2.7250.

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