Why Are These NASDAQ Stocks Declining? FreeSeas Inc(NASDAQ:FREE) and Rock Creek Pharmaceuticals Inc(NASDAQ:RCPI)
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FreeSeas Inc(NASDAQ:FREE) suffered a two cent loss during yesterday’s trading, a 4.17% decrease in value that moved the stock to a closing price of $0.460. The new mark places the stock, which traded within a range of $0.44 to $0.48 during the day, just four cents above its 52 week low of $0.42. The Greece-based drybulk shipping services company was not heavily traded during the day, as the stock’s trading volume of 330,512 was 464,255 below its three month average of 764,767.
FreeSeas has seen its value decline over the past three months. On May 19th, the stock closed for a three month high of $.133. However, it had sharply fallen to a value of $0.60 by Jun. 26Th, 2014. Despite climbing thirteen cents to value of $0.73 on July 1St, 2014, FreeSeas was unable to maintain its strong footing and fell all the way to its most recent lows.
Rock Creek Pharmaceuticals Inc(NASDAQ:RCPI) maintained its value of $0.38 yesterday, closing at the same price recorded at the end of the day on Aug. 11th, 2014. the Florida-based pharmaceutical company, which employs just twenty-five individuals on a full-time basis, has expanded its board of directors and reported its second quarter results. Rock Creek announced that it had recorded net sales of $0.7 million, down from $2.5 million during the same period in the previous fiscal year.
On Aug. 11th, USA Today reported that the company, which was formerly known as Star Scientific, had suspended the sale of its CigRx and Antabloc nutritional supplements. The company received a warning letter from the FDA late last year, which stated that the company needed approval before marketing anatabine in its products.
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