Windtree Therapeutics (NASDAQ:WINT) stock is falling on Thursday after the company announced the departure of its chairman of the board of directors.
James Huang is departing from Windtree Therapeutics for a couple of reasons. The former chairman of the company said part of that is to better focus on his other businesses. The second is disappointment over the company’s securities not reflecting their true value.
Here’s what Huang said in his resignation letter to Windtree Therapeutics:
“Unfortunately, it is also my view that the market price of Windtree’s securities has heretofore not reflected their true value had alternative strategies other than a substantial transfer of ownership interest away from existing shareholders been operationalized. To that end, I can no longer in good conscience continue to support the Company either as a member of the Board or as one of its shareholders.”
How This Affects WINT Stock Today
With news of the chairman’s resignation comes heavy trading of WINT stock on Thursday. As of this writing, more than 3.3 million shares of the company’s stock are changing hands. That’s a major increase over the company’s daily average trading volume of 501,000 shares.
WINT stock is down 58.4% during pre-market trading on Thursday.
There’s more stock market news worth knowing about below!
We’ve got all of the hottest stock market news traders need to know about on Thursday! A few examples include why shares of Dermata Therapeutics (NASDAQ:DRMA) and United Insurance (NASDAQ:UIHC) stock are up and the biggest pre-market stock movers worth knowing about this morning. You can catch up on all of this news at the following links!
More Thursday Stock Market News
- Why Is Dermata Therapeutics (DRMA) Stock Up 22% Today?
- Why Is United Insurance (UIHC) Stock Up 35% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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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.