Interactive Brokers shares jump as it secures spot in S&P 500
Passage Bio, Inc., a biotechnology firm specializing in biological products, has transferred its stock listing from The Nasdaq Global Select Market to The Nasdaq Capital Market. The transition, effective as of the opening of business on Thursday, was approved by the Nasdaq Listing Qualifications department on Wednesday, after the company’s share price had fallen to $0.58, well below the $1.00 minimum bid price requirement.
According to InvestingPro data, the stock has shown significant volatility, trading between $0.45 and $1.79 over the past 52 weeks, with analysis suggesting the company is currently undervalued.
The shift to The Nasdaq Capital Market, where Passage Bio will continue to trade under the ticker "PASG," is part of the company’s effort to regain compliance with Nasdaq’s listing requirements.
Despite the move, trading of the company’s shares remains uninterrupted, and the new market is expected to operate similarly to the Global Select Market, with a set of financial and corporate governance standards for continued listing.
With a market capitalization of $37.68 million and a strong current ratio of 5.15, InvestingPro analysis reveals the company maintains solid liquidity despite ongoing challenges. Subscribers can access 8 additional key insights about PASG’s financial health.
Passage Bio has been granted an additional 180 days, until July 28, 2025, to meet the minimum bid price requirement. During this period, the company’s closing bid price must reach or exceed $1.00 per share for at least 10 consecutive business days to regain compliance.
The company, based in Philadelphia, has indicated it may consider a reverse stock split among other options to address the deficiency within the new compliance period. With a beta of 1.54, the stock exhibits higher volatility than the broader market, making it crucial for investors to stay informed about market movements and company developments.
This development follows an initial notification from Nasdaq on August 1, 2024, regarding the company’s non-compliance due to its stock price. The information reported here is based on a press release statement filed with the Securities and Exchange Commission. Passage Bio’s management is actively monitoring the situation and exploring all possible avenues to ensure it meets the necessary requirements for continued listing on The Nasdaq Capital Market.
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