The S&P/ASX 300 (Index: (AXKO) (ASX: XKO) ended flat today, as early falls were mainly offset by gains in our big four banks and Macquarie Group Ltd (ASX: MQG). The investment bank gained 2.7% today, continuing its strong run.
But that didn't help these four, which plunged more than 7%…
Covata Ltd (ASX: CVT) slipped 12.2% to 18 cents. The Australian data security company, which is partly owned by TPG Telecom Limited (ASX: TPM), has developed a technology to protect data and files, rather than targeting network security. Covata has a number of US customers, including in the US government and military, and is attempting to break into the European market, as well as the financial market.
Mining services company NRW Holdings Limited (ASX: NWH) lost 8.7% to end at 31.5 cents, despite no news from the company. Shares have dropped 75% since January 2014 as the slowdown in the resources sector gathers steam. Unfortunately for NRW, there's no bright light at the end of the tunnel, with mining investment set to decrease markedly over the next few years.
Neuren Pharmaceuticals Ltd (ASX: NEU) fell 8.3% to 16.5 cents today but are still up more than 40% since January 2. The company has submitted applications to the US Food and Drug Administration (FDA) for orphan drug designation and Breakthrough Therapy for drug NNZ-2566, which is used to treat the rare Rett syndrome. That follows a successful Phase 2 clinical trial, which showed benefits from treatment with NNZ-2566. Neuren expects to find out the results of its applications in the first half of 2015.
Sandalwood plantation owner TFS Corporation Limited (ASX: TFC) dropped 7.3% to $1.465, as trading in the company's shares continues to be a volatile ride. In the past six months, shares have hit a high of $2.24 and dropped as low as $1.17. That's despite the company announcing its sandalwood oil acne products have debuted in US stores earlier this month and that it's on track to make a $70 million profit in the 2015 financial year – placing the company on a P/E ratio of just 7x.
