Avenue Therapeutics Shares Down 38% After Reverse-Share Split

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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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mczens
·2022-09-24
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