ContraFect (NASDAQ:CFRX) stock is rising higher on Tuesday as investors await news about its potential delisting from the Nasdaq.
ContraFect last updated investors on Friday about its delisting situation. Basically, the company has until today to file an appeal with the Nasdaq exchange. However, there’s no press release or U.S. Securities and Exchange Commission (SEC) filing covering that appeal yet.
ContraFect’s Nasdaq delisting saga has to do with its share price staying below $1 for too long. The company has sought ways to increase the price of shares but hasn’t been successful yet.
While the company did outline plans to regain compliance with Nasdaq staff, those plans were rejected. That means the company has to make an appeal to the Nasdaq Hearings Panel to avoid delisting. If it doesn’t do so, CFRX stock is set to be delisted today.
CFRX Stock Movement Today
Today’s gains for CRFX stock come alongside heavy trading of shares. As of this writing, almost 9 million units have changed hands. That’s already above the daily average trading volume of 8.2 million shares.
This doesn’t mean investors really want to dive into the stock, though. It’s likely that this volatility comes from traders pump-and-dumping the shares for profits. That’s a real concern, considering the low price of CFRX and its penny stock status.
CFRX stock is up 20.3% as of Tuesday morning.
There’s more recent stock market news traders will want to know about below!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Tuesday! Among that is what has Motorsport Games (NASDAQ:MSGM) stock up, this morning’s biggest pre-market stock movers and more. You can learn all about this news at the links below!
More Tuesday Stock Market News
- Why Is Motorsport Games (MSGM) Stock Up 182% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Why Is American Battery (ABML) Stock Up 15% Today?
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On the date of publication, William White did not hold (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.