Kiora Pharmaceuticals (NASDAQ:KPRX) stock is in the news Tuesday as traders wonder what has the company’s shares seeing wild movement.
The big news affecting KPRX stock today is a reverse stock split. This saw the company consolidate 40 shares of its stock down to a single share when markets opened this morning. That saw the stock price initially surge, but now it’s slipping.
With that reverse stock split in effect, the outstanding number of KPRX stock now stands at 1,079,078 shares. The reverse split doesn’t allow for fractional shares, which will see cash paid to shareholders that would have fractional shares.
KPRX Stock Is Moving After the Split
The reverse stock split caused the price of KPRX stock to jump from its prior value of 18 cents per share when markets closed on Monday. This saw the stock opening on Tuesday at a price of $6.18. Since then, shares have been rising and falling, with the stock sitting at about $6.12 as of Tuesday afternoon.
It’s also worth mentioning that KPRX stock is experiencing heavy trading on Tuesday following that reverse split. This saw some 1.6 million shares moving as of this writing. For the record, the company’s daily average trading volume is about 267,000 shares.
KPRX stock is down 14.8% as of Tuesday afternoon.
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InvestorPlace is home to all of the hottest stock coverage traders need to know about for Tuesday! A few examples of that include an important date for Nikola (NASDAQ:NKLA) investors, what’s going on with Meta Platforms (NASDAQ:META), as well as the latest on Grom Social (NASDAQ:GROM). You can find all of that at the following links!
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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.