PTC Therapeutics, TG Therapeutics, and Zimmer Biomet among top U.S. stock losers

U.S. equity markets ended their nine-day winning streak on May 5, 2025, as a broad risk-off sentiment swept across sectors, leaving several major names deeply in the red. From biotechnology and semiconductors to retail and clean energy, the day’s top 24 stock losers revealed a pattern of sector-specific headwinds converging with renewed macroeconomic fears. The S&P 500 declined 0.6%, the Nasdaq Composite dropped 0.7%, and the Dow Jones Industrial Average slid 0.2%, largely driven by renewed trade war rhetoric and interest rate speculation.

Why Did PTC Therapeutics Stock Fall Sharply?

PTC Therapeutics, Inc. was the day’s worst performer, plunging 18.62% to close at $40.65. The biotech firm, despite a 52-week gain of over 51%, saw investors exit positions amid uncertainty around upcoming clinical trial readouts and the risk-off mood hammering small-cap healthcare names. There was no immediate catalyst from the company, suggesting broader market sentiment and sector rotation were the primary drivers of the steep drop.

What Caused TG Therapeutics and Other Biotechs to Sink?

TG Therapeutics, Inc. followed closely with a 13.26% decline to $37.68. Though the stock has more than doubled over the past year, investors are increasingly wary of its elevated price-to-earnings ratio of 251.20. Similar sentiment weighed on Twist Bioscience Corporation, down 8.44% to $35.93, and Guardant Health, Inc., which slipped 5.98% to $44.05. Sector-wide de-risking in biotech, particularly for high-multiple or unprofitable firms, accelerated as investors sought shelter in more defensive healthcare plays.

How Did Zimmer Biomet and Organon Fare?

Zimmer Biomet Holdings, Inc. dropped 11.62% to $90.48, underperforming its peer group following concerns over slowing procedure volumes and reimbursement risks under a potential policy shift. Meanwhile, Organon & Co. declined 9.07% to $8.72, a fresh multi-year low, despite its low P/E ratio of 3.03. Investors appear skeptical about Organon’s growth outlook and pipeline sustainability.

Why Did Semiconductor and AI-Linked Stocks Drop?

ON Semiconductor Corporation fell 8.35% to $38.41 on unusually high volume. Despite solid fundamentals, traders cited sector rotation and renewed worries about U.S.-China tech export controls. Quantum computing stock Rigetti Computing, Inc. slumped 8.80% to $9.69, while AST SpaceMobile, Inc., which had surged over 965% in the past year, gave back 6.32% to close at $24.75 amid profit-taking.

What Happened to Renewable and Crypto Stocks?

CleanSpark, Inc., a Bitcoin mining and energy tech hybrid, declined 8.17% to $8.09. The move followed volatile crypto markets and rising concerns about energy input costs. Similarly, Marathon Digital Holdings, Inc. fell 9.60% to $13.09 as Bitcoin prices retraced. Renewable-linked names like Pony.ai dropped 6.73% to $9.70, with investors questioning the near-term monetization path of autonomous vehicle technologies.

What’s Behind the Drop in Forge Global and Other Small Caps?

Forge Global Holdings, Inc. lost 8.45% to $12.57, amid thinning volumes and uncertainty surrounding the private equity secondary market. Integer Holdings Corporation also fell 7.25% to $116.55, despite a low float and stable earnings. Smaller companies like Sweetgreen, Inc. saw a 6.24% drop to $19.54, reflecting concerns over consumer discretionary spending amid persistent inflation.

Why Did Wayfair and Tyson Foods Lose Ground?

Wayfair Inc. fell 8.14% to $30.92. Despite previous optimism tied to e-commerce recovery, the company is facing margin compression and growing logistics costs. Tyson Foods, Inc. declined 7.75% to $56.08 after disappointing earnings. The food producer flagged lower-than-expected demand and higher grain prices, adding to investor concern around agricultural commodity pass-through.

What Dragged Down SM Energy and Other Oil Stocks?

SM Energy Company slid 7.98% to $21.00, while Patterson-UTI Energy, Inc. dropped 7.13% to $5.60, reflecting broader weakness in the energy complex. A recent OPEC+ announcement to increase output spurred crude price declines, which in turn pressured upstream and oil services equities. Olin Corporation, a chemicals and ammunition manufacturer, fell 7.03% to $20.64, closing at a 52-week low.

Are Telco Stocks Also Seeing Selling Pressure?

United States Cellular Corporation dropped 7.52% to $58.33, with its parent company, Telephone and Data Systems, Inc., also falling 7.49% to $31.74. Despite year-to-date gains exceeding 70% for both names, speculative interest has begun to unwind. The market may be reevaluating the companies’ growth potential amid rising infrastructure costs and limited 5G monetization traction.

What Does Archer Aviation’s Pullback Indicate?

Archer Aviation Inc., a key player in the electric vertical takeoff and landing (eVTOL) segment, fell 6.46% to $8.69. Despite strong year-on-year performance (+134.6%), the speculative nature of eVTOL business models continues to face scrutiny from institutional investors seeking cash flows rather than future promises.

Why Did Nebius Group and EFG International Lag?

Nebius Group N.V. lost 6.30% to $23.80. Despite being a new entrant with strong cloud infrastructure ambitions, questions over capital allocation and international regulatory risk are weighing on sentiment. EFG International AG remained flat at $13.24 but saw elevated volume—potentially indicating accumulation during the broader market selloff.

Institutional Sentiment and Sector Flows

Across the board, institutional flows suggest a marked shift toward capital preservation. Exchange-traded fund data indicates net outflows from growth sectors such as biotechnology, clean energy, and AI-related equities, with corresponding inflows into large-cap defensives and dividend payers. Hedge fund trackers reported increased short interest in high-beta names, particularly those with low earnings visibility.

Fed, Tariffs, and Trade Uncertainty Complicate the Outlook

The market pullback coincides with rising geopolitical friction. President Trump’s recent imposition of 100% tariffs on foreign-made entertainment content has raised fears of a tit-for-tat trade escalation, especially with the EU and China. In parallel, investors are closely watching the upcoming Federal Reserve policy decision for cues on rate normalization amid sticky inflation.

Broader Outlook: Will This Downtrend Continue?

May’s volatility underscores that while fundamentals remain intact for many of these companies, market confidence is vulnerable to macro shocks. Investors are recalibrating risk exposure ahead of key CPI data, corporate earnings seasonality, and Fed commentary. Analysts expect continued bifurcation, with profitable tech and defensive stocks likely to outperform speculative growth names in the near term.