Why Is PLx Pharma (PLXP) Stock Down 38% Today?


  • PLx Pharma (PLXP) stock is dropping alongside delisting news.
  • This news also follows a rally on Monday.
  • The company’s shares are set to stop trading on April 13.
PLXP Stock - Why Is PLx Pharma (PLXP) Stock Down 38% Today?

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PLx Pharma (NASDAQ:PLXP) stock is taking a beating on Tuesday and there are a couple of reasons investors will want to know about its fall.

First off, traders will keep in mind that PLXP stock underwent a massive rally on Monday. That resulted in the company’s stock surging 245% during normal trading hours. That came with heavy trading as some 163 million shares changed hands. For the record, the daily average for the stock is 3.2 million shares.

Considering the incredible increase PLXP stock saw yesterday, it makes sense that shares would give up some of those gains during the following day. However, there’s another piece of news traders will want to keep in mind when it comes to PLXP stock falling today.

PLXP Stock Delisting News

PLx Pharma has failed to regain compliance with the listing rules for the Nasdaq. This means that without an appeal of the delisting notice, shares of PLXP stock will stop trading on April 13, 2023. The big news here is PLx Pharma deciding not to appeal the delisting.

It makes complete sense that shares of PLXP stock would fall following this news. Without that appeal, the company’s shares will no longer trade on the exchange. While the company could potentially move to over-the-counter (OTC) trading, it doesn’t seem like PLx has any interest in doing so.

PLXP stock is down 37.6% during pre-market trading on Tuesday!

Investors looking for more of the latest stock market news are in the right place!

We’ve got all of the hottest stock market news worth knowing about on Tuesday! A few examples include why shares of Hexo (NASDAQ:HEXO), Clearmind Medicine (NASDAQ:CMND) and National CineMedia (NASDAQ:NCMI) stock are on the move today. You can read up on all of this news at the links below!

More Tuesday Stock Market News

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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.

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