NeuBase Therapeutics (NASDAQ:NBSE) stock is dropping on Thursday but that’s only due to the company coming off a massive rally yesterday.
Investors will note that NBSE stock soared 107% higher on Wednesday after Symetryx announced a 20% stake in the company. The company’s shares were bought in the open market and it has encouraged negotiations with members of NeuBase Therapeutics’s Board of Directors.
Another thing that investors will remember is that NeuBase Therapeutics is currently undergoing a strategic review. That’s caused volatility in the stock and is part of the reason that Symetryx is taking a stake in it.
Here’s a statement from Symetryx concerning its investment in NBSE stock.
“As the largest shareholder of Neubase, we would like to contribute to this review process and ensure that shareholder money and value is preserved. We believe that Symetryx is in a position where we can help create substantial value for Neubase shareholders.”
NBSE Stock Movement On Thursday
It makes sense that investors are seeing shares of NBSE stock fall today. The company’s stock was unlikely to maintain its massive gains seen on Wednesday. Even with those coming alongside the Symetryx news.
As for Thursday morning trading, some 764,000 shares of NBSE stock have changed hands. The company’s daily average trading volume is about 2 million shares. This also has the stock down 26.9% as of this writing.
Investors can read more about the latest stock market news today down below!
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More Stock Market News For Thursday
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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