2 Fast-Moving Small-Cap Stocks

Pernix Therapeutics Holdings Inc (NASDAQ:PTX) and Tecogen Inc (NASDAQ:TGEN) are both making big moves today

by Josh Selway

Published on May 11, 2016 at 10:38 AM
Updated on Jun 24, 2020 at 10:16 AM

While much of the focus today is on large-cap Dow stock Walt Disney Co (NYSE:DIS), some small-cap stocks are making moves, as well. For instance, penny stock Pernix Therapeutics Holdings Inc (NASDAQ:PTX) and energy equipment specialist Tecogen Inc (NASDAQ:TGEN) have both made big moves on the charts amid heavy trading volume. Let's take a look at what's driving the volatile price action on PTX and TGEN. 

Biotech stock PTX has fallen 10.8% to $0.45, earlier touching a seven-year low of $0.43, after the company announced Doug Drysdale will step down as CEO, and will be replaced by John Sedor on an interim basis. The sell-off comes just a week after PTX soared on reports hedge fund Point72 Asset Management had taken a passive stake.

Big losses are nothing new for Pernix Therapeutics Holdings Inc (NASDAQ:PTX), as the stock was trading near $7 just a year ago. It's not surprising, then, to note that PTX is heavily shorted. Specifically, it would take PTX short sellers more than a week to cover their positions, at the stock's average daily trading pace.  

Turning to TGEN, shares of the energy efficiency expert popped nearly 6% out of the gate, thanks to news that its joint venture company, Ultra Emissions Technologies Inc., produced positive results for its Ultera emissions technology. According to the press release, the technology proved to be "highly effective in reducing pollutants from the test vehicle." However, the stock has since reversed course, and was last seen 0.2% lower at $4.62. 

The reversal may have been prompted by Tecogen Inc's (NASDAQ:TGEN) first-quarter earnings report, which revealed a 17% drop in revenue. Like PTX, TGEN also has an interesting technical history. Shortly after it went public in mid-2014, the stock jumped as high as $31.31. These gains were short-lived, though, and TGEN has remained in single-digit territory since June 2014. 

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