MSGM - Why Is ContraFect (CFRX) Stock Up 20% Today?
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ContraFect (NASDAQ:CFRX) stock is rising higher on Tuesday as investors await news about its potential delisting from the Nasdaq Capital Market.
ContraFect last updated investors on Friday about its delisting situation. Basically, the company has until today to file an appeal with the Nasdaq exchange. However, there’s no press release or U.S. Securities and Exchange Commission (SEC) covering that appeal yet.
ContraFect’s Nasdaq delisting saga has to do with its share price staying below $1 per share for too long. The company has sought ways to increase the price of the stock but hasn’t been successful yet.
While the company did outline plans to do so with Nasdaq staff, that plan was rejected. That means the company has to make an appeal to the Nasdaq Hearings Panel to avoid delisting. If it doesn’t do so, CFRX stock is set to be delisted today.
CFRX Stock Movement Today
Today’s gains for CRFX stock come alongside heavy trading of its shares. As of this writing, almost 9 million units have changed hands. That’s already above its daily average trading volume of 8.2 million shares.
That doesn’t mean investors want to dive into that really though. It’s likely this volatility comes from traders pump and dumping the shares for profits. That’s a real concerncn considering the low price of CFRX and its penny stock status.
CFRX stock is up 20.3% as of Tuesday morning.
There’s more recent stock market news traders will want to know about below!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Tuesday! Among that is what has Motorsport Games (NASDAQ:MSGM) stock up, this morning’s biggest pre-market stock movers, and more. You can learn all about this news at the links below!
More Tuesday Stock Market News
- Why Is Motorsport Games (MSGM) Stock Up 182% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Why Is American Battery (ABML) Stock Up 15% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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Read More:?Penny Stocks — How to Profit Without Getting Scammed
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