Bed Bath & Beyond Sinks 44% After Ryan Cohen Exits Stake (1)

Bed Bath & Beyond Inc. shares tumbled as much as 44% in premarket trading, giving back much of this month’s huge gains, after top investor Ryan Cohen exited his stake.

The stock traded down 41% at $10.98 as of 4:57 a.m. in New York, putting the retailer on course for its worst day since going public in 1992.

Cohen’s RC Ventures sold millions of shares on Tuesday and Wednesday at a range of prices from $18.68 to $29.21, according to a filing with the US Securities and Exchange Commission. The sales came after an early August surge as retail ...