LHDX - Why Is ObsEva (OBSV) Stock Up 61% Today?
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ObsEva (NASDAQ:OBSV) stock is bouncing back on Monday after the company’s stock underwent a major dip during the prior day of trading.
That crash saw the company’s shares fall 50.8% during Friday’s normal trading hours. With that came some 21 million shares traded as investors sold their stakes in the company. For the record, the daily average trading volume of OBSC stock is 1.1 million shares.
This massive drop and sellout occurred after the clinical-stage biopharmaceutical company announced a strategic reorganization of its operations in Switzerland. This saw it propose the downsizing of its U.S.-based executive team, as well as decreasing the number of Board members.
To go along with that, ObsEva said it will retire its convertible debt, delist shares of OBSV stock from the Nasdaq Exchange, as well as deregister from the U.S. Securities and Exchange Commission (SEC). However, the company will continue to list shares on the SIX Swiss Exchange.
What About Today’s Movement?
The increase in price for OBSV stock appears to be from heavy trading again today. This has some 13 million shares of the stock on the move as of this writing. That appears to be from investors buying up the shares following the recent dip.
However, traders shouldn’t expect this positive movement to last long. Based on everything else happening with OBSV stock, it seems inevitable that the company’s shares will start falling again soon.
WBSV stock is up 60.6% as of Monday morning.
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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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