U.S. stocks are trading in a holding pattern on Wednesday, December 10, 2025, as Wall Street waits for the Federal Reserve’s final interest‑rate decision of the year. Index moves are modest, but beneath the surface a cluster of mid‑cap names is posting double‑digit percentage declines, led by Dyne Therapeutics (DYN), SLM Corp (SLM), Kontoor Brands (KTB) and Waystar Holding (WAY). [1]
According to real‑time data from StockScan, the 10 biggest U.S. stock losers today by percentage move (among actively traded listed shares) are: [2]
- Dyne Therapeutics (DYN) – down 16.94% to $18.44
- SLM Corp (SLM) – down 14.96% to $26.23
- Kontoor Brands (KTB) – down 9.46% to $67.15
- Advance Auto Parts (AAP) – down 9.34% to $46.31
- Nurix Therapeutics (NRIX) – down 8.94% to $19.55
- Graphic Packaging (GPK) – down 8.66% to $14.23
- MBX Biosciences (MBX) – down 8.63% to $28.68
- Summit Therapeutics (SMMT) – down 8.62% to $17.02
- Legend Biotech (LEGN) – down 8.58% to $23.88
- Waystar Holding (WAY) – down 8.37% to $30.43
Below is a breakdown of what’s driving today’s biggest losers, plus how they fit into the broader market narrative.
1. Market backdrop: quiet indices, noisy single‑stock moves
Futures for the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 were all slightly lower ahead of the open as traders braced for a widely expected 25‑basis‑point Fed rate cut and updated projections on the 2026 policy path. [3]
Key macro points shaping sentiment:
- Indexes mostly flat on Tuesday: The Dow slipped about 0.38%, the S&P 500 edged down 0.09%, while the Nasdaq eked out a 0.13% gain, underscoring hesitation ahead of Fed Day. [4]
- Yields ticking higher: The U.S. 10‑year Treasury yield trades around 4.19%, reflecting uncertainty over how aggressively the Fed will ease through 2026. [5]
- Labor and growth data still solid: Job openings remain near 7.7 million, and small‑business sentiment has perked up, suggesting a still‑resilient labor market. [6]
In other words, today’s pain is very stock‑specific, not the result of a broad market meltdown.
2. Biotech in the spotlight: DYN, NRIX, MBX, SMMT, LEGN
Dyne Therapeutics (DYN): sharp drop after $300 million share offering
Move today: –16.94% to $18.44 (top loser on the day). [7]
DYN’s slump is tied squarely to dilution fears. On Tuesday, Dyne announced a $300 million underwritten public offering of common stock, with an additional 30‑day option for underwriters to buy up to $45 million more in shares. [8]
That triggered a classic biotech reaction:
- The stock plunged about 17–18% after the announcement as investors repriced the company’s equity value to reflect the larger share count. [9]
- Dyne remains a clinical‑stage biotech (no revenue, negative EPS) but has a strong balance sheet, with a very high current ratio and modest leverage. [10]
- Analyst sentiment is still broadly positive: MarketBeat data shows a “Moderate Buy” consensus with an average 12‑month price target around $36–37, roughly double today’s price, even after JPMorgan trimmed its target and others raised theirs. [11]
Takeaway: The drop reflects technical dilution and risk‑off biotech positioning, not a sudden deterioration in Dyne’s science, but volatility is likely to remain high while the offering prices and closes.
Nurix Therapeutics (NRIX): still shadowed by a weak Q3
Move today: –8.94% to $19.55. [12]
Although there’s no fresh headline on Wednesday, NRIX is still digesting a rough Q3 report from October:
- Nurix posted a Q3 loss of –$1.03 per share, much wider than the –$0.83 expected. [13]
- Revenue of $7.9 million came in at less than half the $16.1 million consensus and fell from $12.6 million a year earlier as certain collaboration revenue from Sanofi rolled off. [14]
- R&D spending jumped to $86.1 million, up from $55.5 million, as the company ramps pivotal studies for its lead degrader, bexobrutideg. [15]
Despite meaningful clinical progress and a sizable cash pile, investors continue to reprice Nurix around higher cash burn and slower near‑term revenue, making the stock particularly sensitive to risk sentiment swings.
MBX Biosciences (MBX): profit‑taking after a big run and capital raise
Move today: –8.63% to $28.68. [16]
MBX has been a high‑beta winner in 2025, up more than 150% over six months even after today’s decline. [17] Recent catalysts now appear to be cutting the other way:
- In Q3, MBX completed an upsized public offering of common stock, raising around $200 million to fund its endocrine pipeline, including a late‑stage hypoparathyroidism program. [18]
- Just days ago, a specialist biotech fund disclosed that it had sold roughly $14.8 million of MBX shares ahead of key 2026 clinical milestones, sparking concerns about near‑term valuation risk. [19]
With the stock near the upper end of its recent range, today’s drop looks like a combination of fund selling, post‑offering overhang and profit‑taking rather than a single new blow to the thesis.
Summit Therapeutics (SMMT): grinding lower near 52‑week lows
Move today: –8.62% to $17.02. [20]
SMMT has been weak for months:
- The shares have been trading near 52‑week lows, with a 36% slide over just four weeks highlighted earlier this year as investors fretted about the risk/reward in its oncology pipeline. [21]
- A fresh MarketBeat alert notes SMMT was down another 4–5% on Tuesday on relatively light volume, underlining waning demand from momentum traders. [22]
Today’s nearly 9% slide extends that trend and underscores how thin liquidity in small/mid‑cap biotech can magnify daily moves when sentiment sours.
Legend Biotech (LEGN): CAR‑T winner, stock loser
Move today: –8.58% to $23.88. [23]
Legend Biotech is one of the most striking disconnects between fundamentals and share price:
- Shares recently hit a 52‑week low around $25.66 and are now down over 30% in the past year, even as revenue is surging. [24]
- Q3 2025 revenue jumped to $272.3 million, up roughly 70% year‑on‑year, driven by booming sales of its CAR‑T therapy Carvykti (cilta‑cel), co‑developed with Janssen. Net loss narrowed to about $39.7 million, with adjusted loss per share at –$0.05. TechStock²
- TechStock² reports that Wall Street remains overwhelmingly bullish, with around 22 analysts covering the stock, a consensus “Buy” rating and average 12‑month price targets near $75, implying well over 100% upside from current levels. [25]
Technically, LEGN is deeply oversold, trading well below its 50‑ and 200‑day moving averages with a relative strength index in the teens. TechStock² For now, however, headlines about fresh lows and minor earnings misses appear to be outweighing the strong CAR‑T growth story.
3. Financials under pressure: SLM Corp
SLM Corp (SLM): earnings “reset” spooks the street
Move today: –14.96% to $26.23 (second‑biggest loser). [26]
SLM, the private education‑loan specialist behind Sallie Mae, is reeling from what analysts are calling an earnings reset:
- At an Investor Forum earlier this week, management presented a new medium‑term outlook that implies FY2026 and FY2027 EPS will be roughly 23–26% below prior consensus estimates, as the company invests heavily to capture Grad PLUS loan opportunities and diversify its funding. [27]
- In response, Compass Point downgraded SLM from “Buy” to “Sell” and slashed its price target from $35 to $23, arguing that EPS could fall about 19% year‑over‑year in 2026 before recovering only gradually toward 2028. [28]
- The downgrade follows a Q3 2025 miss, where GAAP diluted EPS came in at $0.63 vs. $0.80 expected, even though revenue slightly beat at $546 million. [29]
Another GuruFocus alert notes that SLM’s stock fell more than 16% to about $25.86 on Tuesday, with analysts highlighting high leverage (debt‑to‑equity near 2.9) and a low Piotroski F‑Score, despite strong net margins and a single‑digit P/E. [30]
Bottom line: markets are repricing SLM for slower earnings growth, higher execution risk and regulatory uncertainty in private student lending, even as many analysts still see longer‑term upside once the reset period passes.
4. Consumer & industrial names: KTB, AAP, GPK
Kontoor Brands (KTB): denim giant trips despite solid margins
Move today: –9.46% to $67.15. [31]
Kontoor Brands, the owner of denim staples Wrangler and Lee, is sliding even though its fundamental profile remains relatively healthy:
- A GuruFocus report highlights that KTB shares fell 8.6% to around $67.79, erasing about $6.38 per share in value. [32]
- Financial metrics show steady revenue (~$2.8 billion) with a 3‑year growth rate of 3.4%, operating margins above 10% and double‑digit EBITDA margins. [33]
- The company also sports a high return on equity (≈49%), but carries a debt‑to‑equity ratio near 2.8 and sits in the “grey zone” on the Altman Z‑Score, signaling balance‑sheet risk if conditions worsen. [34]
Analysts remain “moderately bullish” with an average target around $91.5, suggesting the current drop is more about valuation compression in consumer cyclicals and macro jitters than a sudden collapse in the denim business. [35]
Advance Auto Parts (AAP): hit by a price‑target cut and peer’s weak earnings
Move today: –9.34% to $46.31. [36]
Advance Auto Parts is under pressure after a double‑whammy of analyst and sector news:
- Evercore ISI cut its price target to $58 and reiterated concerns around execution and competitive pressures, which triggered selling in AAP on Tuesday and into Wednesday. [37]
- At the same time, rival AutoZone (AZO) reported quarterly results that missed expectations, sending its stock down more than 7% and weighing on the entire auto‑parts retail space. [38]
- Barchart notes that AAP is now trading over 27% below its 52‑week high and that a hypothetical $1,000 invested five years ago would be worth only about $306 today, underscoring long‑term underperformance. [39]
The narrative around AAP is now centered on margin pressure, weak historical returns and cautious analyst sentiment, which together make it particularly vulnerable when investors rotate away from higher‑risk retail names.
Graphic Packaging (GPK): guidance cut and CEO transition drag shares to new lows
Move today: –8.66% to $14.23. [40]
Packaging group Graphic Packaging Holding is another notable loser as investors digest a guidance cut and leadership change:
- On December 8, the company announced that Robbert Rietbroek will take over as President and CEO from long‑time leader Michael Doss on January 1, 2026, alongside a strategic update on cost and production optimization. [41]
- In a separate update, GPK lowered its full‑year earnings outlook, citing production curtailments and optimization initiatives, trimming expected adjusted EBITDA and EPS ranges. [42]
- Shares have since fallen to a new 52‑week low around $13.9–14.6, even though GPK beat Q3 EPS expectations (≈$0.58 vs. $0.54) and set 2025 guidance for EPS around $1.80–2.00. [43]
Analysts have turned more cautious, with several downgrades and target cuts leaving a consensus rating closer to “Reduce” despite a relatively low forward P/E and a dividend yield near 3%. [44]
5. Healthcare technology and payments: Waystar Holding (WAY)
Waystar Holding (WAY): new 52‑week low after target cuts and insider selling
Move today: –8.37% to $30.43. [45]
Waystar, a cloud‑based revenue‑cycle platform for healthcare providers, is another major loser after a string of mixed signals:
- Investing.com reports that Waystar hit a new 52‑week low at $31.24 today, down about 18% over six months, even though it posted Q3 revenue of $269 million (up 12% YoY) and beat both revenue and adjusted EBITDA expectations. [46]
- GuruFocus notes that Barclays cut its price target from $56 to $42 while maintaining an “Overweight” rating, following several other firms that have set targets in the $40–54 range and mostly Buy/Outperform recommendations. [47]
- A MarketBeat alert highlights additional pressure from large insider and PE‑holder sales, including multimillion‑share disposals by a key director and other insiders over the past quarter. [48]
Despite the drawdown, consensus still pegs Waystar as a “Buy” with average targets near $48–49, implying substantial upside from current levels—but today’s price action shows how quickly valuations can compress when growth stories meet target cuts and insider selling. [49]
6. What today’s biggest losers tell us about the U.S. market
Putting all of this together, several themes emerge from today’s top decliners:
- Biotech remains hypersensitive to funding and data surprises
- DYN, NRIX, MBX, SMMT and LEGN are all reminders that clinical news, capital raises and prior earnings misses can trigger double‑digit daily swings, especially when the macro backdrop is uncertain. [50]
- Guidance resets can matter more than trailing results
- SLM’s investor‑day outlook cut, and GPK’s revised 2025 guidance, show that investors are hyper‑focused on 2026+ earnings trajectories, not just Q3 beats or misses. [51]
- Rate‑sensitive and cyclical names are vulnerable near a Fed inflection point
- Auto‑related retail (AAP), apparel (KTB) and highly valued tech platforms (WAY) are all slumping just as the Fed prepares to cut while sounding potentially more hawkish on the pace of future easing. [52]
- Analysts are often more optimistic than price action suggests
- Many of today’s biggest losers—DYN, LEGN, KTB, WAY—still carry Buy or Overweight ratings and price targets far above current levels, highlighting a growing gap between sell‑side models and investor risk appetite in late 2025. [53]
7. What to watch next
With the Fed decision and press conference later today, the setup for these names into the close and into Thursday includes:
- Interest‑rate outlook: A “hawkish cut” (25 bps but cautious guidance for 2026) could keep pressure on leveraged, long‑duration stories like high‑growth biotech and richly valued software and health‑tech. [54]
- Liquidity and volume: Several of today’s losers (MBX, NRIX, SMMT) are mid‑caps with relatively thin trading, which can exacerbate moves around macro events and positioning shifts.
- Follow‑on equity activity: Biotechs that have recently raised capital or filed to do so (DYN, MBX) may remain choppy as the market digests new supply. [55]
- Potential bargain‑hunting or further downgrades: Oversold names like LEGN and Waystar could attract value‑oriented buyers if broader risk sentiment improves—or face additional analyst cuts if sentiment deteriorates further.
References
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