Xortx Therapeutics (NASDAQ:XRTX) stock is sliding lower on Monday as the pharmaceutical company’s shares come off of a recent rally.
Shares of XRTX stock closed out normal trading hours on Friday up 100.6%. That massive boost in share price came alongside heavy trading, with some 91 million units changing hands. For comparison, the company’s daily average trading volume is about 1.6 million shares.
Considering that major rally, it makes sense that shares of XRTX stock would be down today. The inflated price was likely too much for the stock to maintain. Also, the company is unlikely to see that level of trading again today. In fact, trading volume is sitting at around 768,000 units as of this writing.
What’s Next for XRTX Stock?
XRTX stock could see additional movement this week as a special shareholder meeting is set for Friday. The company intends to seek approval from investors for a share consolidation plan. This would allow it to enact a reverse stock split of its shares.
Xortx Therapeutics is looking to use this reverse stock split as a way to increase the price of its shares. Even after its recent rally, the stock is still trading well below the $1 price point. That means it’s in danger of being delisted from the Nasdaq Exchange. A reverse stock split would solve that problem.
XRTX stock is down 27.3% as of Monday morning.
There’s even more stock market news traders will want to read about below!
We’ve got all of the hottest stock market news investors need to know about on Monday! That includes what’s going on with shares of Troika Media (NASDAQ:TRKA) stock, Akumin (NASDAQ:AKU) stock and LumiraDx (NASDAQ:LMDX) stock today. All of that news is available at the links below!
More Stock Market News for Monday
- Why Is Troika Media (TRKA) Stock Down 20% Today?
- Why Is Akumin (AKU) Stock Up 51% Today?
- Why Is LumiraDx (LMDX) Stock Up 323% Today?
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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.
