Equity Market Selloff Continues

Dow plummets more than 1,200 points

Author's Avatar
Feb 05, 2018
Article's Main Image

The Dow Jones Industrial Average and the S&P 500 Index had their worst performance in two years on Friday, both losing over 2%.

On Monday, the decline continued. The Dow Jones slid more than 1,200 points, its largest daily loss ever.

In Monday premarket trading, shares of EyeGate Pharmaceuticals Inc. (EYEG, Financial) fell on the back of its announcement that EGP-437 did not meet co-primary endpoints. It failed to sufficiently separate from placebo in a Phase 2b study in patients undergoing cataract surgery.

“The efficacy results for the absence of inflammatory cells in the EGP-437 treatment group met our expectations, but the vehicle group response was better than anticipated," Randall Olson MD, a strategic advisor, said. "The magnitude of reduction for EGP-437 compares favorably with the historical data from studies of other anti-inflammatory products, which we believe is an encouraging sign."

Another stock that fell on Monday was oil and gas exploration and production company Kosmos Energy Ltd. (KOS, Financial). The stock lost ground after the company announced its exploratory drilling from an offshore well in Senegal was unsuccessful.

“Requin Tigre was the last well in our second phase of exploration of the deepwater Cretaceous petroleum systems offshore Mauritania and Senegal targeting large basin floor fan structures," Chairman and CEOÂ Andrew G. Inglis said. "We have delivered one success (Yakaar) in four wells in this second phase program, following three successes in three wells (Tortue, Marsouin, Teranga) in the first phase program targeting inboard structures on the slope."

He went on to say the company will evaluate its prospects in Mauritania and Senegal in preparation for the next phase of exploration.Â

Disclosure: The author holds no positions in any stocks mentioned.