Ono Pharma’s Wild 2016 Ride Cuts Stock Valuation by $16 Billion
- Worst performance in 50 years on Opdivo competition, price cut
- Follows quintupling of shares over previous three years
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The rise and fall of Ono Pharmaceutical Co. in 2016 was a tale of two halves, and one drug.
Having surged as much as 34 percent as of mid-April, the stock finished the year down more than 41 percent, marking its worst performance in more than 50 years. The swing reduced its market capitalization by about 1.87 trillion yen ($15.9 billion) from a record high in April.