8 Biggest Mid-Day Losers For Tuesday

DryShips Inc. DRYS shares fell 44.07 percent to $1.32 after the company announced that it has breached some financial covenants. The company also said that it has yet to make final balloon installments on three matured banking facilities and three lenders have declared event a default. Vascular Biogenics Ltd VBLT shares fell 12.55 percent to $5.99 after surging 72.54 percent on Monday. The company reported a $24 million registered direct offering. Valeant Pharmaceuticals Intl Inc VRX shares 12.06 percent to $25.37 after the company reported weaker-than-expected earnings for the first quarter and reduced its full year adjusted earnings outlook. Biogen Inc BIIB fell 11.84 percent to $255.51 as the results from a Phase 2 study of Opicinumab missed both its primary and secondary endpoints. Alexion Pharmaceuticals, Inc. ALXN shares fell 11 percent to $137.94 following the release of disappointing data for the company's Phase 3 clinical trial data of Soliris (eculizumab) for the treatment of refractory generalized myasthenia gravis (gMG). Soliris failed to achieve its primary endpoint, even though several secondary objectives were conquered. Giga-tronics, Incorporated GIGA shares dropped 9.34 percent to $1.17. Giga-tronics reported Q4 adjusted loss of $0.16 per share on revenue of $2.7 million. The company also reported a $3.3 million order for advanced signal generator products. Optical Cable Corporation OCC shares declined 9.17 percent to $2.28. Optical Cable reported a Q2 loss of $0.15 per share on revenue of $16.3 million. Michaels Companies Inc MIK fell 8.69 percent to $27.52. Michaels posted adjusted earnings of $0.36 per share on revenue of $1.16 billion for the first quarter. The company also issued a weak earnings outlook for the current quarter.