Why Altamira Therapeutics (CYTO) Stock Is Down 50% Today
Portfolio Pulse from Henry Khederian
Altamira Therapeutics Ltd (NASDAQ:CYTO) stock plummeted by 50% to $0.20 after announcing strategic changes, including a partial spin-off of its Bentrio business and a 20-for-1 reverse stock split scheduled for December 13. The company sold a 51% stake in Altamira Medica AG for approximately $2.3 million, retaining Bentrio, a key asset with expected sales growth from 2024. Altamira is also seeking partnerships for its inner ear therapeutics, particularly AM-125, which is in Phase 2 trials.
December 11, 2023 | 3:35 pm
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Altamira Therapeutics' stock price has halved following the announcement of a partial spin-off of its Bentrio business and a reverse stock split. The company's strategic focus on RNA delivery and potential partnerships for its Phase 2 nasal spray, AM-125, could influence future performance.
The immediate 50% drop in stock price reflects investor concerns over the company's strategic decisions and the dilutive effect of the reverse stock split. However, the potential for future growth through Bentrio and partnerships for AM-125 could mitigate the negative impact over time.
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IMPORTANCE 90
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