Why Is NanoString Technologies (NSTG) Stock Down 59% Today?


  • NanoString Technologies (NSTG) stock is falling with a bankruptcy filing.
  • That comes after it lost patent lawsuits against 10x Genomics.
  • The company says it will now consider strategic alternatives as a result.
NSTG Stock - Why Is NanoString Technologies (NSTG) Stock Down 59% Today?

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NanoString Technologies (NASDAQ:NSTG) stock is taking a beating on Monday after the company announced a voluntary Chapter 11 bankruptcy filing.

NanoString notes that this bankruptcy filing is the result of its lost litigation battles against 10x Genomics. This comes after a court and jury added steep damages for the company to pay as a result of it losing that patent lawsuit.

NanoString Technologies says that with this comes plans to protect the long-term success of the company. That includes exploring strategic alternatives. This may include a sale of the company or some of its product lines.

NanoString President and CEO Brad Gray said the following about the bankruptcy news:

“NanoString has powerful product platforms, strong relationships with our customers throughout the scientific community, an enviable workforce, and conviction in the integrity of our innovation process. We believe chapter 11 protection will provide us with the necessary breathing room to continue to serve our customers while we address our litigation and the related financial challenges.”

How This Affects NSTG Stock Today

NanoString Technologies is seeing investors sell off shares of its stock in light of the bankruptcy filing. That has more than 741,000 shares changing hands during pre-market trading today. That’s quickly gaining on its daily average trading volume of about 1.8 million shares.

NSTG stock is down 58.7% as of Monday morning.

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

InvestorPlace is home to all of the hottest stock market news worth reading about on Monday! That includes everything happening with Cano Health (NYSE:CANO) stock, Caterpillar (NYSE:CAT) stock and Chenghe Acquisition (NASDAQ:CHEA) stock today. You can read up on all of these matters at the links below!

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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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