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Avenue Therapeutics (NASDAQ:ATXI) stock is seeing wild movement on Friday following a reverse stock split and regulatory update.
Starting with that reverse stock split, the company consolidated 15 shares of ATXI stock into a single share. This boosts the price of the company's stock, which helps it avoid the delisting of its shares from the Nasdaq Exchange.
ATXI stock was previously in danger of being delisted from the Nasdaq due to its price being below $1 per share. This had it trading at around 20 cents per share prior to the reverse stock split. Following the split, shares are trading at around $4.20 as of this writing.
With that reverse stock split in effect, Avenue Therapeutics also decreased the total amount of outstanding shares. Now its outstanding shares are sitting at 1.5 million, as compared to its prior 22.7 million shares outstanding.
Regulatory Update
Avenue Therapeutics also got the minutes from a meeting with the U.S. Food and Drug Administration (FDA). This covers concerns the FDA had about the company's IV Tramadol product candidate.
Avenue Therapeutics notes that it intends to use the comments from the FDA to address concerns. This will have it submitting a study protocol that could lay the groundwork for a complete response to the FDA.
As of this writing, some 4 million shares of ATXI stock are on the move. That's already well above its daily average trading volume of about 2.2 million shares.
ATXI stock is down 37% as of Friday morning following a massive rally yesterday.
There's more recent stock market news worth checking out below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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