2024-04-22 11:06:19 ET
Windtree Therapeutics Inc (NASDAQ: WINT) is down nearly 20% on Monday even though there hasn’t been any specific news that may have caused that decline.
Here’s what may be weighing on Windtree Therapeutics stock
Investors may be continuing to respond to a few updates that $WINT has posted in recent days.
Shares of the biotech firm, for instance, went through a 1-for-18 reverse stock split last week to remain listed on Nasdaq. Such a move is typically associated with increased volatility.
But the price action today may also suggest the stock split and keeping listed isn’t sufficient and shareholders remain wary of its future prospects.
Windtree Therapeutics stock is in the red even though the drug developer based out of Pennsylvania, United States recently completed a “$1.5 million convertible note bridge financing”.
Windtree recently reported its quarterly financial results
Windtree Therapeutics also reported its financial results for the fourth quarter last week.
While the Nasdaq-listed firm did narrow its loss significantly to 74 cents a share that also topped Street estimates – the fact that it continues to lose money and is yet to generate any revenue may not be sitting particularly well with investors as well.
$WINT ended last year with cash and equivalents of about $4.3 million and some $4.0 million of liabilities.
Earlier in April, the biotechnology company said it will buy certain assets of Varian Biopharmaceuticals Inc. Wall Street currently has a consensus “hold” rating on Windtree Therapeutics stock that does not pay a dividend at present.
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