Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
Avenue Therapeutics Inc . (NASDAQ:ATXI) stock has plunged to a 52-week low, touching a price level of just $0.9. This significant drop reflects a stark 1-year change, with the company’s stock value eroding by -92.54%. According to InvestingPro data, the stock’s RSI indicates oversold territory, while its beta of -0.29 suggests it often moves contrary to broader market trends. Investors have watched with concern as the biopharmaceutical company, which specializes in developing intravenous treatments for acute pain, has struggled to maintain its market position amidst a challenging healthcare sector and broader market headwinds. With a market capitalization of just $1.79 million and a current ratio of 2.7, the company maintains strong short-term liquidity despite its challenges. InvestingPro analysis reveals 12 additional key insights about ATXI’s financial health and market position, available to subscribers.
In other recent news, Avenue Therapeutics, Inc. announced that it has been granted an extension by the Nasdaq Hearings Panel to continue its listing on the Nasdaq Capital Market. This extension is subject to certain conditions, including the requirement for Avenue to disclose any equity-increasing transactions by March 14, 2025, and to provide updates on fundraising plans and income projections. Additionally, Avenue is expected to report the results of a clinical trial for its AJ201 program, which is aimed at treating spinal bulbar and muscular atrophy, by April 15, 2025. The company is currently involved in a licensing dispute with AnnJi Pharmaceutical (TADAWUL:2070) Co. Ltd. over the AJ201 product candidate. AnnJi has indicated its intention to terminate the license agreement due to alleged breaches by Avenue, which Avenue disputes, claiming the agreement remains valid. Avenue has sought emergency measures to prevent AnnJi from using an assay that could deplete irreplaceable clinical samples. These developments highlight the challenges Avenue faces as it has not yet commercialized any drug products and continues to incur losses. The company is exploring options to regain compliance with Nasdaq’s requirements and address the issues raised by AnnJi.
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