The stock market’s January high is as distant a memory as New Year resolutions and wind chill reports. Since the start of June, performance has been particularly bearish in the Phila. region, causing widespread concern. Ryan Mulligan cited 25 affected entities — three in Bucks County — in the Philadelphia Business Journal.
Investors unloaded risk in advance of a Federal Reserve interest rate hike last week. The resultant dip in the market sent it 20 percent below its January 2022 peak. Further, the Dow Jones Industrial and the S&P 500 both hit yearly lows this Tuesday.
The pain point in Bucks County was particularly sharp for three firms:
- Windtree Therapeutics, Inc., Warrington drug manufacturer: stock down 74 percent
- Lannett Co. Inc., Trevose generic pharmaceutical producer: stock down 66 percent
- EPAM Systems, Inc., Newtown digital platform engineer: stock down 58 percent
The biggest hit in the region came to Tabula Rasa Healthcare, Inc., of Moorestown, N.J. Its valuation tumbled 80 percent.
Worse, this is not a letdown for just the big firms: Some smaller public entities, particularly those in healthcare, lost more than 70 percent of stock value.
More on the effects of recent stock volatility is in the Philadelphia Business Journal.