At the start of the week, the stock market entered bear territory for the first time since 2020, further pushing down many local companies that have already seen their stocks dwindle this year, writes Ryan Mulligan for the Philadelphia Business Journal.
Out of 25 Philadelphia-area companies that have seen their stock decline the most since the beginning of the year, nine are in Chester County.
Verrica Pharmaceuticals in West Chester is highest in second place with its stock going down by 77 percent. Malvern-based Galera Therapeutics is next in seventh place with a 70 percent drop.
Zynerba Pharmaceuticals in Devon ranked tenth with a 65 percent loss. It is followed closely by Malvern’s Societal CDMO at No. 11 with a drop of 62 percent.
Ocugen and Tela Bio in Malvern are in No. 14 and No. 15, posting drops of 57 percent and 55 percent, respectively.
Customers Bank in Phoenixville is at No. 18 with a 49 percent drop, followed by Cantaloupe in Malvern with 47 percent.
The list is rounded out by Genesis HealthCare in Kennett Square at No. 25 with a drop of 41 percent.
Read more about the stocks that fell the most in the Philadelphia Business Journal.