Accuray Incorporated (NASDAQ: ARAY), a manufacturer of image-guided radiosurgery devices, is sinking in mid-day trading today after the company gave a weak sales outlook. The company said that it expects second-quarter sales to be between $72 million and $75 million, which are significantly below the $106.4 million it reported for the same period in the previous year. The revenue outlook is also well below the consensus forecast of $93.8 million.
ARAY expects to post a net loss of $25 million to $30 million for the second quarter. The company also said that it plans to reduce its workforce by 13%.
ARAY is currently down nearly 20% to $5.43 on volume of 8.32 million, which is substantially above the daily average volume of 459,973.
Amicus Therapeutics Inc. (NASDAQ: FOLD), a biopharmaceutical company engaged in the discovery, development and commercialization of orally administered, small molecule drugs for treating a range of diseases, is seeing a huge rally in trading today. FOLD is gaining after the company announced positive results from all four cohorts in Phase 2 chaperone-enzyme replacement therapy (ERT) co-administration study for pompe disease.
At last check, FOLD was trading 11.52% higher at $3.68 on volume of 4.27 million, which is nearly three times the daily average volume of 1.45 million. The stock has gained more than 37% in the last three trading sessions.
FOLD has broken through $3.25 resistance level as a result of the rally today. The stock could continue to rise before facing resistance at around $4.50.
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