ContraFect (NASDAQ:CFRX) stock is dropping on Tuesday after the company revealed a notice from the Nasdaq.
That notice has to do with the continued listing of CFRX stock on the exchange. The company got confirmation from the Nasdaq that shares can continue to trade as it seeks to regain compliance with listing rules.
With this update, the company now has until June 30, 2023, to regain compliance. The concern from the Nasdaq is the company’s $2.5 million minimum stockholders’ equity requirement.
Recent CFRX Stock Movement
Investors will note the company’s shares are also retreating after undergoing a 154.4% rally on Monday. That came alongside 120 million shares changing hands. For the record, the company’s daily average trading volume is closer to 2.8 million shares.
Investors curious about yesterday’s rally won’t find any immediate new releases of filings. However, that doesn’t mean there wasn’t news. The company is taking part in the 33rd European Congress of Clinical Microbiology & Infectious Diseases (ECCMID) Annual Meeting lasting from April 15 to April 18. News from that seems to have helped with its rally yesterday.
As far as stock movement goes today, more than 1 million shares of CFRX stock have changed hands. That’s still a ways off from its daily average trading volume. However, it’s enough to cause a major movement of the penny stock.
CFRX stock is down 14.4% during pre-market trading on Tuesday!
There’s more recent stock market news worth reading below!
InvestorPlace is home to all of the hottest stock coverage traders need for Tuesday! That includes why shares of VirnetX (NYSE:VHC), Bellus Health (NASDAQ:BLU), and Glory Star New Media (NASDAQ:GSMG) stock are moving today. You can read up on all of that at the following links!
More Tuesday Stock Market News
- Why Is VirnetX (VHC) Stock Down 63% Today?
- Why Is Bellus Health (BLU) Stock Up 98% Today?
- Why Is Glory Star New Media (GSMG) Stock Up 152% Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risk.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
