ighs in 2025. Unfortunately, there are plenty of stocks that have been left behind this year. Some of these underperforming stocks may be providing investors with an opportunity to buy the dip.
Many, however, are simply struggling with stiff competition, broken business models, bloated balance sheets or other company-specific challenges. Here are the 10 worst-performing stocks of the first half of 2025 among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion:
| Stock | 2025 Return Through June 30 |
| Victoria’s Secret & Co. (ticker: VSCO) | -55.2% |
| Janux Therapeutics Inc. (JANX) | -56.8% |
| Globant SA (GLOB) | -57.6% |
| Fluence Energy Inc. (FLNC) | -57.7% |
| Dyne Therapeutics Inc. (DYN) | -59.5% |
| Vaxcyte Inc. (PCVX) | -60.2% |
| Neogen Corp. (NEOG) | -60.6% |
| Biohaven Ltd. (BHVN) | -62.2% |
| AIFU Inc. (AIFU) | -72.5% |
| Sarepta Therapeutics Inc. (SRPT) | -85.9% |
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10. Victoria’s Secret & Co. (VSCO)
Victoria’s Secret is a retailer that specializes in apparel, intimates, and beauty and personal care products. It has been a chaotic year for Victoria’s Secret. The company has said it will take a $50 million hit from tariffs, and it lowered its 2025 adjusted operating income guidance significantly in June. The company was also hit by a cybersecurity breach that caused it to take its website offline for three days in May. Execution has been so poor at Victoria’s Secret that multiple activist investors have called for a complete overhaul of the company’s board. VSCO stock is down 55.2% year to date.
9. Janux Therapeutics Inc. (JANX)
Janux Therapeutics is a clinical-stage biotechnology company developing immunotherapies that generate tumor-specific immune responses that attack and kill tumors without damaging healthy tissue. The stock ripped higher in early 2024, after Janux reported encouraging safety and efficacy data from its ongoing trials of JANX007 in treating metastatic castration-resistant prostate cancer and JANX008 in treating late-stage solid tumors. Unfortunately, after an impressive 2024 performance, investor enthusiasm for Janux has waned in 2025 despite expected updates on JANX007 and JANX008 coming in the second half of the year. JANX stock is down 56.8% so far this year.
8. Globant SA (GLOB)
Globant is an information technology services company that provides application development, infrastructure management, testing and application maintenance services. The stock took a big hit in February when Globant reported mixed fourth-quarter numbers and issued lackluster guidance. While fourth-quarter earnings per share came in slightly above analyst expectations, revenue fell slightly short. Perhaps more importantly, the company issued 2025 revenue growth guidance of between 9.1% and 12%. While that type of growth would be fine for most companies, Globant investors clearly had high expectations after the company reported 15% growth in 2024. GLOB stock is down 57.6% this year.
7. Fluence Energy Inc. (FLNC)
Fluence Energy is a leading global energy storage technology and services company. In February, Fluence reported massive earnings and revenue misses, including revenue that was down 49% on a yearly basis and about 50% below consensus estimates. Fluence also slashed its full-year revenue guidance by about 15%. Not surprisingly, analysts followed up by issuing multiple downgrades, further pressuring the stock. Instead of righting the ship the following quarter, Fluence followed up with an additional guidance cut in May. Investors are clearly losing patience with Fluence’s poor financial performance, and the stock is down 57.7% so far in 2025.
6. Dyne Therapeutics Inc. (DYN)
Dyne Therapeutics is an early clinical-stage drug developer targeting muscle diseases, including myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral muscular dystrophy. The company’s leading assets are DYNE-101 and DYNE-251 targeting DM1. Surprisingly, Dyne was one of the best-performing stocks in the first half of 2024, riding the momentum of positive trial data for DYNE-101 and DYNE-251. That momentum faded in the second half of 2024, however, and Dyne shares plummeted in January 2025 when the company reported new data on DYNE-101 that fell short of market expectations. DYN stock is down 59.5% year to date.
Read: 10 Best Growth Stocks to Buy for 2025
5. Vaxcyte Inc. (PCVX)
Vaxcyte is a clinical-stage biotech company that specializes in designing next-generation vaccines. The company’s leading product is VAX-24, a pneumococcal conjugate vaccine candidate. In March, Vaxcyte’s stock tanked after the company reported mid-stage trial data for VAX-24 that revealed the vaccine met non-inferiority criteria compared to Prevnar 20 in 20 out of 24 serotypes. Apparently the market was expecting better results. In addition, investor sentiment toward vaccine stocks has declined since vaccine critic Robert F. Kennedy Jr. took over as U.S. Secretary of Health and Human Services. As a result, PCVX stock is down 60.2% year to date.
4. Neogen Corp. (NEOG)
Neogen develops, produces and sells products used for food and animal safety. Its food safety segment includes diagnostic kits used to detect toxins, allergens, bacteria and other factors. Its animal safety segment includes consumable products used by veterinarians and animal health professionals. After a lackluster fiscal third-quarter earnings report, Neogen disclosed its margins would be lower than expected in the fourth quarter thanks to “elevated inventory write-offs.” The company also disclosed it will be divesting its genomics business in an effort to accelerate growth and expand margins. NEOG stock is down 60.6% overall so far in 2025.
3. Biohaven Ltd. (BHVN)
Biohaven is a clinical-stage biotechnology company developing a range of therapies, including Kv7 ion channel modulation for epilepsy and mood, myostatin inhibition for metabolic disorders and glutamate modulation for spinocerebellar ataxia (SCA) and obsessive-compulsive disorder. In April, the European Medicines Agency announced that Biohaven withdrew its application for marketing approval for Biohaven’s troriluzole after the agency noted it found several issues with the application. In May, the U.S. Food and Drug Administration announced a delay in its decision on troriluzole for treating SCA. Delays and withdrawals are bad news, and BHVN stock is down 62.2% this year.
2. AIFU Inc. (AIFU)
AIFU is an artificial intelligence-driven financial services platform based in China. AIFU shares have lost nearly 100% of their value in the past five years, and the stock’s price had dropped so low in 2025 that Nasdaq warned the company it could potentially be delisted. Instead, AIFU opted to conduct a 1-for-400 reverse stock split in May. While the reverse split made AIFU’s stock price appear more respectable, it didn’t do much to help investor returns or the company’s financial performance. AIFU may have avoided a delisting, but its investors have still endured a year-to-date decline of 72.5%.
1. Sarepta Therapeutics Inc. (SRPT)
Sarepta Therapeutics is a biopharmaceutical company developing gene therapies to treat DMD and limb-girdle muscular dystrophy. Sarepta’s leading treatment is Elevidys, a gene therapy for treating DMD. Not surprisingly, Sarepta shares took a hit when the company reported in March that a patient taking Elevidys died from acute liver failure. In June, the company reported a second Elevidys patient death due to liver failure. The FDA has subsequently launched an investigation, and investors are understandably spooked about the outlook for Elevidys and Sarepta. SRPT stock is down 85.9% overall in 2025.
