Salarius Pharmaceuticals (SLRX) stock surged on Tuesday after the clinical-stage biotechnology company revealed plans for a public offering of its shares. A filing with the Securities and Exchange Commission (SEC) doesn’t include finer details, such as the number of shares being offered or their price. However, it does mention pre-funded warrants for investors whose stakes would surpass 4.99% due to the offering.
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It’s also worth noting that Salarius Pharmaceuticals was granted a listing extension by the Nasdaq Hearings Panel. This gives it additional time to regain compliance with the exchange’s Equity Standard and Minimum Bid Price Requirement.
SLRX stock was up 107.97% as of Tuesday morning, but was down 66.03% year-to-date. Investors will note this rally came with heavy trading, as 26.6 million shares traded, compared to a three-month daily average of about 36,000 units.
Is Salarius Pharmaceuticals Stock a Buy, Sell, or Hold?
Wall Street’s coverage of Salarius Pharmaceuticals is lacking, but TipRanks’ AI analyst Spark has it covered. Spark has an Underperform (30) rating for SLRX stock with no price target. It cites “significant financial instability, characterized by declining revenues and persistent losses” as reasons for this rating.
