Avenue Therapeutics Shares Down 38% After Reverse-Share Split
Dow Jones2022-09-24
By Stephen Nakrosis
Shares of Avenue Therapeutics Inc., which began trading Friday on a reverse stock split adjusted basis, were lower.
The shares opened at $6.15, rising as high as $6.35 before pulling back.
At 3:28 p.m. ET, the shares had fallen 38% to trade at $4.11. Trading in the stock was paused several times on Friday due to volatility.
On Thursday, the company said it would effect a 1-for-15 reverse split of its common stock. The stock closed before the reverse split took place at 44 cents, doubling its price on the day.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
September 23, 2022 15:39 ET (19:39 GMT)
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