Xortx Therapeutics (NASDAQ:XRTX) stock is climbing higher on Friday despite a lack of news from the pharmaceutical company.
There are no new press releases or filings with the U.S. Securities and Exchange Commission (SEC) from Xortx Therapeutics that would cause today’s rally. On that same note, no analysts are offering new coverage of the stock that would act as a catalyst for today’s movement.
Even so, shares of XRTX stock are rising higher on Friday with heavy trading. This has more than 11 million shares of the stock changing hands as of this writing. For the record, the company’s daily average trading volume is closer to 157,000 shares.
Upcoming Catalyst for XRTX Stock
Investors may see major stock movement from XRTX next week when the company holds a special shareholder meeting. That’s set to take place on Wednesday and will include a vote for a share consolidation resolution.
Xortx Therapeutics is looking to enact a reverse stock split as a way to boost the company’s share price. As it is right now, shares of XRTX are in danger of being delisted due to them trading below the $1 minimum bid price. Institutional Shareholder Services (ISS) recommends that shareholders vote in favor of the reverse stock split.
XRTX stock is up 110% as of Friday morning.
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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.
