Avenue Therapeutics stock hits 52-week low at $1.22

Avenue Therapeutics Inc . (NASDAQ:ATXI) stock has reached a new 52-week low, trading at $1.22, marking a significant downturn for the pharmaceutical company. With a market capitalization of just $2.39 million and a beta of -0.29, the stock typically moves contrary to broader market trends, according to InvestingPro data. Over the past year, Avenue Therapeutics has experienced a dramatic decline, with its stock value plummeting by -88.93%. This steep drop reflects investor concerns and challenges faced by the company in a competitive market. Despite the decline, the company maintains strong liquidity with a current ratio of 2.7, and InvestingPro analysis suggests the stock may be slightly undervalued at current levels. The 52-week low serves as a critical indicator for shareholders and potential investors, as they assess the company’s performance and future prospects amidst the current market conditions. For deeper insights and 12 additional exclusive ProTips about ATXI, visit InvestingPro.

In other recent news, Avenue Therapeutics, Inc. has been notified by The Nasdaq Stock Market LLC regarding its failure to meet the minimum stockholders’ equity requirement, which could lead to the delisting of its common stock. Avenue’s recent Quarterly Report indicated stockholders’ equity of $1,652,000, falling short of the $2,500,000 required by Nasdaq. This development follows a decision by a Nasdaq Hearings Panel in June 2024, which confirmed Avenue’s compliance with the equity requirement and imposed a monitoring period until May 2025. Avenue has until December 3, 2024, to request a hearing to appeal the delisting decision, and the company plans to present evidence of its compliance and ability to maintain long-term equity compliance. Despite the delisting notice, trading of Avenue’s common stock will continue on The Nasdaq Capital Market under its current ticker symbol. Avenue believes it has regained compliance since its last filing and intends to present this at the hearing. This situation is based on Avenue Therapeutics’ recent SEC filing.

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