Avalo Therapeutics drops after announcing reverse stock split
06/07/2022 21:28
** Shares of biopharma co Avalo Therapeutics Inc AVTX.O
down 7% at 50 cents after market
** Co announces a one-for-twelve reverse stock split,
scheduled to come into effect before trading begins on Friday
urn:newsml:reuters.com:*:nGNX1gcP1k
** The move is aimed at bringing the co's stock in
compliance with Nasdaq's listing requirement, AVTX says
** Reverse stock splits typically signal a company in
distress, and investors often interpret it as a signal to sell
** YTD, AVTX has shed over 68%
(Reporting by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com;))