Why PaxMedica (PXMD) Stock Is Down 20% Today
Portfolio Pulse from Henry Khederian
PaxMedica Inc (NASDAQ:PXMD) shares dropped by 21% after the company announced a 1-for-17 reverse stock split. The split is effective from October 30, and the common stock will start trading on a split-adjusted basis from October 31. No fractional shares were issued, and those entitled to fractional shares will receive whole shares instead.
October 30, 2023 | 6:52 pm
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PaxMedica's stock price dropped significantly due to the announcement of a reverse stock split.
Reverse stock splits often lead to a decrease in the company's stock price as they may be interpreted as a sign of financial trouble. In this case, PaxMedica's stock price dropped by 21% following the announcement.
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