LHDX - Why Is Cyren (CYRN) Stock Down 27% Today?
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Cyren (NASDAQ:CYRN) stock is dropping on Thursday as the cybersecurity company deals with recent headwinds.
That includes the company facing delisting from the Nasdaq Exchange. The Nasdaq is planning to delist shares of CYRN stock when March 3, 2023 rolls around. Cyren notes it has no intention to appeal this delisting.
Investors curious about the delisting determination will note that Cyren is going through the process of liquidating its business. That’s the reason given by the Nasdaq for its delisting of the company’s shares.
All of this is despite Cyren stock jumping in early trading on Wednesday alongside asset sale news. The company revealed plans to sell some of its Iceland-based anti-malware business assets to Opin Kerfi.
Recent CYRN Stock Movement
While shares of CYRN stock initially rallied higher yesterday on that news, the stock could keep it going. That resulted in the company’s shares closing out trading on Wednesday down 7%. That came alongside heavy trading with some 6 million shares changing hands. The company’s daily average trading volume is about 366,000 shares.
The negative momentum continues today with shares of CYRN stock falling 27.1% in pre-market trading. Considering its liquidation plans, investors will want to stay away from CRYN stock.
Traders looking for more of the latest stock market news will want to keep reading!
InvestorPlace is starting off Thursday right with all of the hottest stock news investors need to know about! That includes what’s moving shares of Lucira Health (NASDAQ:LHDX), Intuitive Machines (NASDAQ:LUNR), and Jounce Therapeutics (NASDAQ:JNCE) stock today. You can read up on all of that news at the following links!
More Thursday Stock Market News
- Why Is Lucira Health (LHDX) Stock Down 34% Today?
- Why Is Intuitive Machines (LUNR) Stock Up 15% Today?
- Why Is Jounce Therapeutics (JNCE) Stock Up 14% 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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