Some days the market dips a little. Other days a single biotech gets cut in half before lunch.
Tuesday, September 1, 2026, is one of those βread the headline before you buy the dipβ sessions. Hereβs a clear Top 10-style look at whatβs falling β and why β based on live loser screens and company news.
The big story: Alumis (ALMS)
Alumis Inc. (NASDAQ: ALMS) was the marketβs loudest loser.
- Move: roughly β55% to β57%
- Price cited on loser screens: about $9.35
- Volume: heavy β tens of millions of shares
What happened: Alumis reported topline results from its Phase 2b LUMUS trial of oral TYK2 inhibitor envudeucitinib in systemic lupus erythematosus (SLE). The study did not meet its primary BICLA endpoint or key secondary endpoints in the overall patient population (408 patients).
The company still pointed to stronger signals in a prespecified IFNGS-high (high interferon gene signature) subgroup and said it plans to talk with regulators about a Phase 3 path focused on that group. Itβs also still aiming to file for psoriasis approval later in 2026.
Beginner translation: When a mid-stage trial misses the main goal, valuation built on hope can unwind fast β even if management sees a subgroup path forward. Biotech = binary risk.
California utilities: still reeling from wildfire bill shock
These werenβt necessarily the #1 screen losers Tuesday, but they were among the most important βstocks down in valueβ stories of the week:
- Edison International (EIX) β plunged about 23% Monday to around $54.22, described as its worst single-day drop in 25+ years
- PG&E Corp. (PCG) β sank about 18β20% Monday to the mid-teens (around $13.57 midday Monday in reports)
Why: California lawmakers advanced a wildfire bill that omitted the liability-cap protections investors had been counting on. Roughly $20 billion in combined market value was wiped in the selloff, according to coverage.
Beginner translation: Utility stocks can look βboring and safeβ β until regulation changes overnight.
Top losers screen snapshot (Sep 1, 2026)
From public market-mover data (stockanalysis.com losers list, updated Sept. 1):
- ALMS β Alumis Inc. β β57.13% β ~$9.35
- PMI β Picard Medical, Inc. β β48.58% β ~$4.35
- HKPD β Cellyan Biotechnology β β39.06% β ~$0.20
- MF β MindForge Inc. β β26.23% β ~$16.00
- BTAI β BioXcel Therapeutics β β25.43% β ~$0.12
- VWAV β VisionWave Holdings β β24.25% β ~$0.63
- CANG β Cango Inc. β β22.59% β ~$1.85
- AEHL β Antelope Enterprise β β21.26% β ~$5.11
- KALA β KALA BIO β β20.84% β ~$0.53
- DUO β Fangdd Network β β20.17% β ~$0.61
Notice the pattern? Lots of small/micro-cap biotech and speculative names. Those can move 20β50% on thin liquidity and news β or even without much news.
Broader market context (why everything feels heavy)
It wasnβt only one-off disasters:
- Oil above $90 (Brent) on Middle East tensions
- 10-year Treasury yield near 4.78%
- Higher odds of a September Fed hike
- Soft session for indexes after Mondayβs Dow drop of 374 points
Growth and software names also cooled (PANW and DELL were cited lower ahead of tonightβs earnings; CRWD was soft despite a partner milestone).
5 beginner rules when stocks are βdown a lotβ
- Read the catalyst before you assume βcheap.β
- Micro-caps can keep falling β a β40% day isnβt a floor.
- Regulatory and trial news can change a thesis overnight.
- Donβt average down blindly into biotech misses.
- Position size like you might be wrong β because sometimes you will be.
Thatβs the down-side scoreboard for today. Tough tape for speculative names, and a reminder that headlines still move prices faster than opinions.
Hang in there, stay selective, and weβll keep tracking the movers.
Not investment advice. Stock prices and percentages change throughout the session. This content is for educational purposes only. Investing involves risk of loss.
