Shares of biopharmaceutical company Insmed (INSM) plummeted more than 56% Thursday morning, after announcing disappointing results of its Phase II trial evaluating its IPLEX drug, in treating patients with myotonic muscular dystrophy. IPLEX did not statistically improve muscle strength or function, nor did it improve quality of life.

Jackson Hewitt (JTX) earned $1.45 per share in the quarter, down from $2.02 in the same quarter last year, and earned 68 cents for its fiscal year, down from $1.09 in the prior fiscal year. The company's Board has engaged a management consulting firm to identify the issues that caused the business to underperform. Shares fell more than 11% in early trading Thursday.

After the bell Wednesday, Acxiom (ACXM) disappointed investors, warning that earnings for its quarter ending June 30 will be between 3 cents and 7 cents per share, with revenue expected to decrease between 17 and 21 percent over the same quarter last year. CEO John Meyer said the near term outlook for revenue remains challenging, with clients deferring spending decisions or canceling programs entirely. Acxiom shares tumbled 22% Thursday morning.

Shares of OraSure Technologies (OSUR) fell 24% on Thursday morning, after the company announced that the FDA requires additional clinical testing for its hepatitis c test. The FDA noted that clinical data might have been affected by bias because the same operators performed the test and interpreted the results. OraSure said it will now have to record a non-cash impairment charge of 3 million dollars.

Red Hat (RHT) reported better than expected revenue and earnings in the quarter, but that didn't prevent shares from falling more than 6% in early trading Thursday. Revenue increased 11% over the same quarter last year, while subscription revenue was up 14%. The company earned 10 cents per share, up from 8 cents in the same quarter last year.