Proactive Investors - Run By Investors For Investors

Hemispherx Biopharma shares soar as reverse split takes effect

The biopharma is looking to strengthen its position as it moves forward with several studies of its flagship drug, ampligen
stock arrow rising
The 1-for-44 split has propelled the shares above the company's $5 target

Shares of Hemispherx Biopharma Inc (NYSEAMERICAN:HEB) were up sharply Tuesday in their first day of trading after a 1-for-44 reverse stock split.

The Florida-based company announced the move on May 31, anticipating that a split could help propel the stock to $5 per share.

That goal was reached — and then some — with the stock rising about 16% to $5.20 in afternoon trading on the NYSE American.

READ: Hemispherx Biopharma board approves 1-for-44 reverse stock split

The biopharma is looking to strengthen its position as it moves forward with several studies of its flagship drug, ampligen, which the company says has shown progress in the treatment of breast and prostate cancers.

“We want a stock price high enough to allow all major players in the market, such as well-established funds, family offices, banks and index funds to buy on the open market and create favorable buying pressure on the stock,” said CEO Thomas Equels.

Contact Paul Curcio at [email protected]

Follow him on Twitter @GoCurcioGo

View full HEB profile View Profile

Hemispherx Biopharma Inc Timeline

Related Articles

Enzymes under a microscope
April 28 2019
The Florida company applies its proprietary C1 gene expression platform to speed up the development of biologic vaccines, drugs at flexible commercial scales
scientist at petrie dish
May 15 2019
Here we take a closer look at Midatech Pharma PLC (LON:MTPH)
cancerous cells
March 08 2019
A series of trials underway at major cancer research hospitals are evaluating the company's flagship cancer drug Ampligen

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use