Vallon Pharmaceuticals (NASDAQ:VLON) stock is rocketing higher on Friday after the biopharmaceutical company announced that it’s considering strategic alternatives.
According to a press release, Vallon Pharmaceuticals is seeking to maximize shareholder value with this plan. It’s working with Ladenburg Thalmann & Co. to evaluate the best options available to it.
Vallon Pharmaceuticals doesn’t say exactly what its plans are but notes that several things could happen. That includes “a possible merger, business combination, investment into the Company, or a purchase, license or other acquisition of assets.” Of course, it also notes that none of these options may happen.
Here’s a statement from the company in its news release announcing its strategic alternatives plan today.
“The Company is continuing to assess the best path forward for ADAIR, its novel abuse-deterrent formulation of amphetamine for the treatment of attention deficit hyperactivity disorder (ADHD) and narcolepsy, and for ADMIR, its novel abuse-deterrent formulation of methylphenidate (Ritalin). In the meantime, and in conjunction with the exploration of strategic alternatives, the Company is streamlining its operations in order to preserve its capital and cash resources.”
VLON stock is seeing heavy trading on Friday following the strategic alternatives news. That has more than 115 million shares on the move as of this writing. This is well above its daily average trading volume of about 422,000 shares.
VLON stock is up 93.8% as of Friday morning.
There’s more stock market news for investors to jump into 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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