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Why Is Avenue Therapeutics (ATXI) Stock Up 59% Today?

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  • Avenue Therapeutics (ATXI) stock is rising alongside news of a new investment.
  • Robert Davidow now holds a 14.5% stake in the company.
  • That brings with it heavy trading of ATXI stock on Wednesday.
ATXI Stock - Why Is Avenue Therapeutics (ATXI) Stock Up 59% Today?

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Avenue Therapeutics (NASDAQ:ATXI) stock is rising higher after the company revealed a major investment from Robert Davidow.

According to a filing with the Securities and Exchange Commission (SEC), Davidow now holds a 14.5% stake in the specialty pharmaceutical company. This comes from a total of 1,926,800 shares of ATXI stock held by Davidow and other individuals. The company had 13,247,622 shares outstanding as of Nov. 8.

The share ownership breaks down to Davidow holding 945,000 units himself. He also holds 40,000 shares in a joint account with his wife, and 135,000 shares are held in trusts for his children. To go along with this, his wife holds another 100,000. 275,000 are held in accounts for certain individuals, 100,000 shares are in certain trusts, and another 90,000 shares belong to people he holds dispositive authority for.

ATXI Stock Movement on Wednesday

With this news comes heavy trading of ATXI stock this morning. That has more than 23 million shares of the stock changing hands at the time of this writing. This is already well above the company’s daily average trading volume of roughly 265,000 shares.

ATXI stock is up 58.5% as of Wednesday morning but was down 84% year-to-date as of yesterday’s close.

Investors looking for more of the most recent stock market stories are in the right place!

InvestorPlace is home to all of the hottest stock market news worth reading about on Wednesday! That includes the biggest pre-market stock movers this morning, the latest news concerning electric vehicle (EV) stocks and more. You can catch up on all of that at the links below!

More Wednesday Stock Market News

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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.


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