Kitov Pharmaceuticals Holding Ltd (ADR) (NASDAQ: KTOV)
While the rest of the market has opened and is moving for the day, that can’t be said for Kitov Pharmaceuticals Holdings. By the time the opening bell rang, the stock was halted. Unfortunately, pre-market didn’t look so hot. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to KTOV ahead.
What We’re Seeing From KTOV
As mentioned above, when the trading session started for the rest of the market, Kitov Pharmaceuticals stuck back. Unfortunately, the stock was halted after a massively bad pre-market. News was announced surrounding the CEO of the company, sending the stock down in a big way. In fact, at the moment, KTOV has been halted at $1.85 per share after a loss of 27.54% thus far today.
Why The Stock Is Halted
As is usually the case, our partners at Trade Ideas were the first to notify us of the halt on KTOV. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. It didn’t take long to uncover the story. Unfortunately, there is quite a bit of bad news surrounding the CEO of the company.
At the moment, stories are breaking that the CEO of KTOV has been detained. According to the breaking news, the detention of the CEO at Kitov Pharmaceuticals is the result of fraud allegations, and he is currently being questioned. Unfortunately, we do not yet have any news with regard to details of the fraud.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on KTOV. In particular, we’re watching to see what happens with the fraud investigation and how this correlates with what we can expect to see from the company ahead. We’ll be watching the news closely and bringing it to you as it breaks!
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