Bio-Path Holdings news about the company not offering additional shares of its stock has BPTH up on Monday.
Bio-Path Holdings (NASDAQ:BPTH) was planning to sell an additional 712,910 shares of BPTH stock to investors. It was pricing these shares at $25.95. However, the company’s stock has been trading below that price recently. It closed on Friday at $15.65.
If this new bit of Bio-Path Holdings news hadn’t come about, the company would have been increasing its outstanding share amount by 28%. The company’s total amount of outstanding shares was last recorded at 2.51 million as of March, 15, 2019, reports MarketWatch.
It’s possible that the withdrawal of the BPTH stock offering is an attempt to increase the price of its shares. The goal may be to get shares of BPTH up above the offer price of $25.95 before moving forward again with plans to increase its outstanding shares, Seeking Alpha notes.
BPTH stock was up 39% as of Monday morning and is up 311% since the start of the year. However, it’s worth noting that Bio-Path Holdings saw a reverse stock split of 1 for 20 in late January.
The stock also reached a peak of $73.52 on March 7 following positive data from a clinical trial. Despite this, it quickly fell back down to lower levels in the next couple of days. Even with this decline, it is was still sitting above its price prior to the data from the clinical trial.
As of this writing, William White did not hold a position in any of the aforementioned securities.