Innocoll Holdings PLC (NASDAQ: INNL)
Innocoll Holdings is having an incredibly strong start to today’s trading session. At the opening bell, the stock was trading slightly green before dipping near the break even point. From there, the stock spiked dramatically before being halted. Below, we’ll talk about what we’re seeing from INNL, why, and what we’ll be watching for ahead.
What We’re Seeing From INNL
As mentioned above, Innocoll Holdings is having a strong start to the trading session today. At the open of the session, the stock was already trading slightly in the green. While it did dip near the break even point early on, the stock quickly found its way back upward and went on a run. Then, minutes ago, the stock was halted. The halt happened at 10:58 with the stock trading at $1.84 per share after a gain of $0.47 per share or 34.65% thus far today.
Why We’re Seeing The Movement
Before we get too deep into the details, we’d like to give thanks to our friends at Trade Ideas who were the first to inform us of the halt on INNL. As soon as they sent the alert, the CNA Finance team started digging to see what was going on. While we were unable to find the reason for the halt as of yet, we will continue searching. In the mean time, here’s what we do know…
First and foremost, we know that Innocoll Holdings was halted with news pending following a climb for the top. We also know that halts generally are a sign of big news to come. After all, there’s no reason to stop trading in the middle of a session unless something big is happening. So, whatever the news is, we know that it’s likely to be big.
What We’ll Be Watching For Ahead
Moving forward, we’ll continue to keep a close eye on INNL. In particular, we’ll be watching for any news surrounding the halt. As always, we will continue to follow the story closely and bring you any news as it breaks.
Update 12:55: INNL will resume at 1:10. The company issued the following in a press release…
ATHLONE, Ireland, March 16, 2017 (GLOBE NEWSWIRE) — The Board of Innocoll Holdings plc (“Innocoll” or the “Company”) (NASDAQ:INNL) notes anomalous movements in Innocoll’s share price this week and confirms that it is in discussions which may or may not lead to an offer for the entire issued share capital of the Company.
Management has been investigating and continues to investigate strategic options for the Company to maximise shareholder value. There can be no certainty that this will lead to an offer for Innocoll or any of its share capital nor as to the terms on which an offer, if any, might be made. The Company has participated in a Type A meeting with the United States Food and Drug Administration (“FDA”) regarding the re-submission to the FDA for approval of XARACOLL. It expects to receive the minutes of the Type A meeting before the end of March and will make a further announcement at that time.
Update 1:10: INNL reopens. The stock is currently trading at $2.30 per share after a gain of $0.93 per share or 67.98% thus far today. We’ll continue to follow the story closely and bring you the news 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!
[Image Courtesy of Pixabay]