With the market sinking sharply lower on Friday amid rising tensions in North Korea, you won't be surprised to learn that a number of shares fell to 52-week lows or worse.
Three declines which caught my eye are listed below. Is it time to snap up these shares on the cheap?
The Acrux Limited (ASX: ACR) share price fell to an all-time low of 17 cents during trade on Friday. The drug development company's shares have come under significant pressure this month after it announced that Eli Lilly would no longer be licensing its Axiron product. As this product makes up almost all of the company's revenue, there are big questions over its future. In light of this, I would suggest that investors continue to avoid Acrux.
The Monash IVF Group Ltd (ASX: MVF) share price tumbled to a two-year low of $1.42 on Friday. Investors appear to be increasingly negative on the fertility specialists prospects following the emergence of a low-cost competitor and the departure of Dr Lynn Burmeister. Although the latter is not expected to impact Monash IVF greatly this year, management has warned that there is potential for a high single-digit percentage decline in net profit after tax in FY 2019 when her non-compete period expires. Whilst its shares do look cheap now, I would hold off an investment until its performance shows signs of improvement.
The Myer Holdings Ltd (ASX: MYR) share price hit an all-time low of 69 cents last week following the release of its full-year results. Although its shares climbed higher initially, they soon tumbled lower after brokers ran their rulers over its financials. On Friday analysts at Credit Suisse downgraded the department store operator to an underperform rating and lowered its price target to 67 cents. Due to changing consumer habits and the potential arrival of Amazon, I think investors would be better off looking for other options in the retail sector.
