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Why ObsEva (OBSV) Stock Is Down 36% Today


  • ObsEva (OBSV), a Swiss drug maker, is trending on social media, and OBSV stock is tumbling 36% to 10.85 cents.
  • The company announced a massive reorganization and expects to be delisted from Nasdaq.
  • Its CEO stepped down and its chair will follow suit shortly.
OBSV stock - Why ObsEva (OBSV) Stock Is Down 36% Today

Source: Sisacorn / Shutterstock.com

ObsEva (NASDAQ:OBSV) is trending on social media, and OBSV stock is tumbling 36% to 10.85 cents. The Swiss biopharmaceutical company announced that it would undertake a major reorganization to preserve its remaining funds, noting that it “is expecting to be delisted from Nasdaq, and intends to deregister from the US Securities and Exchange Commission”

ObsEva reported that it would concentrate its efforts on developing its nolasiban drug candidate. Nolasiban increases the chances that women’s in-vitro fertilization treatments will be successful.

OBSV stock peaked in June 2022 at $2.07.

More About ObsEva’s Reorganization

The drug maker stated that it would lay off a number of its U.S.-based executives, eliminate all of its operations outside of Switzerland, and pay off its convertible debt.

ObsEva noted that its stock would continue to trade in Switzerland. However, it is unclear if the company’s shares will trade on an American over-the-counter exchange after its delisting.

Meanwhile, the company’s chair, Annette Clancy, and four other members of its board will step down from their roles. Its CEO, Brian O’Callaghan, left the firm yesterday. Its current CFO, Will Brown, was appointed interim CEO and will also continue serving as CFO. Further, ObsEva’s founder, Dr. Ernest Loumaye, will become its new chair.

Additional Information About Nolasiban

According to ObsEva, the drug has “the potential to decrease contractions, improve uterine blood flow and enhance the receptivity of the endometrium to embryo implantation.” According to the company, in a Phase 3 trial, the drug achieved the firm’s main goal. “Ongoing pregnancy rates” came in at 35.6% for the patients who took nolasiban and 28.5% for those who received a placebo.

In a group of patients who received the drug on the fifth day after implantation, 45.9% of women taking the drug became pregnant, versus 34.7% of those who received a placebo.

On the date of publication, Larry Ramer 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.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

Article printed from InvestorPlace Media, https://investorplace.com/2023/02/why-obseva-obsv-stock-is-down-36-today/.

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