Despite concerns about sticky inflation, geopolitical conflicts and slowing job growth, the S&P 500 has rallied to new all-time highs in 2026.
Unfortunately, there are plenty of stocks that have been left behind. Some of these underperformers may be providing long-term investors an excellent buying opportunity. However, many of these companies are dealing with critical issues such as poor fundamentals, competitive challenges, heavy debt loads or broken business models.
Here are the 10 worst-performing stocks so far in 2026 among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion:
Stock
Figma Inc. （ticker: FIG）
Nuvation Bio Inc. （NUVB）
Alphatec Holdings Inc. （ATEC）
Flutter Entertainment PLC （FLUT）
Monday.com Ltd. （MNDY）
FuboTV Inc. （FUBO）
Viridian Therapeutics Inc. （VRDN）
Wave Life Sciences Ltd. （WVE）
Incannex Healthcare Inc. （IXHL）
Genius Sports Ltd. （GENI）
Genius Sports Ltd. （GENI）
Genius Sports is a business-to-business technology provider that connects sports leagues, sportsbooks and media companies. Its major offerings include its BetVision interactive sportsbook live streaming service, its GeniusIQ AI performance analysis and data collection platform, and its FanHub advertising and fan engagement platform. Genius’ stock dropped 28% on Feb. 5 when the company announced a $1.2 billion acquisition of digital sports and gaming media network Legend, a massive deal for Genius. To fund the buyout, the $1.1 billion market cap Genius took on an uncomfortable $850 million in debt. GENI stock is down 60.5% this year.
Incannex Healthcare Inc. （IXHL）
Incannex Healthcare is an Australian drugmaker developing cannabinoid and psychedelic compounds. Incannex is testing its cannabinoid candidates in treating obstructive sleep apnea, lung inflammation, rheumatoid arthritis, inflammatory bowel disease, traumatic brain injury and other conditions. Incannex’s stock plummeted 42% on Feb. 25 after the company announced a 1-to-30 reverse stock split. Prior to the reverse split, the stock had dropped about 99% in the previous five years, dropping its share price to under $1. Reverse stock splits are sometimes necessary to help struggling companies like Incannex maintain listings on major exchanges. IXHL stock is down 57.6% year to date.
Wave Life Sciences Ltd. （WVE）
Wave Life Sciences is a clinical-stage biotechnology company that uses its PRISM platform to develop RNA medicines. Its pipeline includes WVE-006 for treating Alpha-1 antitrypsin deficiency （AATD）， WVE-N531 for treating Duchenne muscular dystrophy （DMD） and WVE-003 for treating Huntington’s disease. The stock tumbled nearly 50% on March 26 after the company reported disappointing Phase 1 clinical data for its WVE-007 obesity drug candidate. Investors know the GLP-1 drug boom will likely continue to be a cash cow for other companies, but WVE-007 seems unlikely to compete with leading commercial GLP-1s. WVE stock is down 56.9% this year.
Viridian Therapeutics Inc. （VRDN）
Viridian Therapeutics is a clinical-stage biopharmaceutical company that discovers and develops antibody-based therapies for rare, serious autoimmune diseases. Its key products include VRDN-001 and VRDN-003 for treating late-stage thyroid eye disease （TED）。 The company is planning for a mid-2026 U.S. commercial launch of VRDN-001 under the name Veligrotug. Viridian shares tanked 32% on March 30 after the company reported Phase 3 trial data on VRDN-003 that hit its primary goals but fell short of market expectations and also failed to match the efficacy of Veligrotug in treating TED. As a result, VRDN stock is down 56.9% year to date.
FuboTV Inc. （FUBO）
FuboTV is a sports-focused live TV streaming service, and its stock price has been all over the map. After hitting an all-time high of $62 in 2020, FuboTV’s stock entered 2025 trading at less than $1.30. However, FuboTV investors got big news in January 2025 when the company announced Walt Disney Co. （DIS） would be combining its Hulu + Live TV business with FuboTV in a merger deal. FuboTV’s stock doubled in 2025, but it tanked 28% on Feb. 3, 2026, when the company reported an earnings miss and announced a reverse stock split. FUBO stock is down 54.3% in 2026.
Monday.com Ltd. （MNDY）
Monday.com is an Israel-based software company that provides a cloud-based work operating system （Work OS） that allows businesses to create custom project management tools and workflow applications. In addition to its Monday work management platform, Monday.com’s offerings include Monday sales CRM, Monday dev and Monday Service. MNDY stock dropped more than 20% on Feb. 9 after the company reported a fourth-quarter earnings and revenue beat but issued soft guidance for 2026 that suggests a significant growth slowdown this year. Given limited investor optimism about the outlook for the next few quarters, MNDY stock is down 50.7% year to date.
Flutter Entertainment PLC （FLUT）
Flutter Entertainment is the world’s largest sports-betting and iGaming operator. Flutter is based in Ireland, but it began trading on the New York Stock Exchange in 2024. The company owns several leading global sports betting brands, including FanDuel in the U.S. and Sky Betting & Gaming and Paddy Power in the U.K. Flutter has had a tough start to 2026. Gambling tax reforms in both the U.K. and U.S. have undermined gaming profits, and the rise of Kalshi, Polymarket and other prediction markets has increased competition. FLUT stock is down 50.6% so far this year.
Alphatec Holdings Inc. （ATEC）
Alphatec is a medical technology company that develops and markets devices used in the surgical treatment of spinal disorders. The company sells advanced spinal implants, such as its Invictus Spinal Fixation System. Its AlphaInformatiX platform also includes Alphatec’s EOS Insight 3D imaging system and its SafeOp neural monitoring technology. Alphatec’s stock took a 22% hit on Jan. 12 after the company issued lackluster revenue growth guidance. To make matters worse, a director at the company also disclosed a nearly $5 million stock sale the same day, further undermining investor sentiment. The stock is down 50.4% so far in 2026.
Nuvation Bio Inc. （NUVB）
Nuvation Bio is a biopharmaceutical company focused on developing novel oncology therapies. The company is specifically focused on treating cancers for which conventional therapies have failed. Nuvation’s lung cancer drug Ibtrozi （Taletrectinib） has been approved in several global markets, including the U.S., China and Japan. The company also has several more oncology drug candidates in its development pipeline. Nuvation’s stock dropped 25% on March 3 when the company’s fourth-quarter earnings report fell short of Wall Street’s expectations. Nuvation also disclosed a troublingly high early discontinuation rate for Ibtrozi patients. NUVB stock is down 49.9% year to date.
Figma Inc. （FIG）
Figma is a collaborative design platform that enables teams to create, prototype and share designs in real time. The company’s key products include Figma Design for visual prototyping and FigJam for online whiteboarding and brainstorming. Figma completed a high-profile initial public offering in July 2025. After pricing its IPO shares at $33, the stock experienced a huge initial pop when it began trading. It ultimately peaked at above $142 before concerns about artificial intelligence disruption and Figma’s bloated valuation began to weigh on the stock. Following a 49.9% year-to-date loss, Figma’s share price is now less than $20.