Northern Dynasty Minerals Ltd (NYSEMKT: NAK)
Northern Dynasty Minerals is having an incredibly rough day in the market today. At the open of the trading session, the stock was already trading slightly in the red. From there, we’ve seen further and further declines. That is, until the stock was halted. Below, we’ll talk about what we’re seeing form NAK, why, and what we’ll be watching for ahead.
What We’re Seeing From NAK
As mentioned above, Northern Dynasty Minerals isn’t having the best of days in the market today. When the trading session started for the day, the stock was already down a bit. And things went from bad to worse as trading continued. At 1:14, NAK was halted at $2.40 per share after a loss of $0.79 per share (24.69%) thus far today.
Why The Stock Is Down
As is almost always the case, our partners at Trade Ideas were the first to inform us of the halt on NAK. 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. Unfortunately, the drop is being caused by a sell-side report by Kerrisdale, which was released on Seeking Alpha early this morning.
Since the report was released, the stock has been on a dramatic decline. As a result, Northern Dynasty Minerals is now “halted with news pending.” We already know what that news is, but it hasn’t been made official just yet. Chances are that the company is working up a rebuttal to the report, but that’s not official yet.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching NAK incredibly closely. In particular, we’re watching for the rebuttal to the short report. We’ll be watching the news closely and bringing it to you as it breaks!
Update: We’re hearing that the halt is associated with a rebuttal. Working to get our hands on the news now. We will keep you updated.
Update: The NAK rebuttal hasn’t been released just yet. We have received word that it will be released by the end of the week.
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