Catalyst Biosciences Inc (NASDAQ: CBIO)
Catalyst Biosciences is having an incredibly strong day in the trading session today. When the session started, the stock hit the ground running, already in the green. From there, we saw a continuation of upward movement, bringing the stock to impressive gains. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to CBIO ahead.
What We’re Seeing From CBIO
As mentioned above, Catalyst Biosciences is having an incredibly strong day in the market thus far today. When the opening bell rang, the stock was already trading in the green. Throughout the day, we’ve seen more impressive movement, adding to the gains. At the moment (11:19), CBIO is trading at $9.20 per share after a gain of $1.47 per share or 19.08% thus far today.
Why The Stock Is Climbing
As is almost always the case, our partners at Trade Ideas were the first to inform us of the gains on CBIO. As soon as they did, the CNA Finance team started working to see what was causing the movement. It didn’t take long to uncover the story. The company announced a reverse split that’s leading to investor excitement.
The reverse split is a 1 for 15 split, bringing the total outstanding shares from approximately 13 million to about 868,000. The split was processed in order for Catalyst Biosciences to regain Nasdaq Capital Market listing compliance. This requires a minimum bid of $1 per share. In a statement, Nassim Usman, Ph.D., President and CEO at CBIO had the following to offer…
“In the past three months we have presented data supporting the refocused development of our promising hemostasis programs to deliver subcutaneous prophylactic treatment to individuals with hemophelia, and we intend to commence two clinical trials this year… We believe that both our Factor VIIa and Factor IX hemophilia product candidates have the properties required, including high potency, to allow for subcutaneous injection with the potential to achieve stable and normal clotting levels…”
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CBIO. In particular, we’re interested in the clinical advancements the company has set the stage to make throughout the year. Nonetheless, we’ll keep a close eye on the news and be sure to bring it to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!