Shares of commercial-stage prescription drugs firm Jaguar Well being, Inc. (JAGX) tanked 13.8% in Friday’s prolonged commerce to shut at $1 after the corporate introduced a 1-for-3 reverse inventory cut up.
The reverse inventory cut up of the corporate’s issued and excellent shares will come into impact from September 8. Following this, the corporate’s shares shall be buying and selling on a split-adjusted foundation.
Notably, publish the cut up, each three shares shall be reclassified into one share. No fractional shares shall be issued because of the reverse inventory cut up and shareholders entitled to fractional shares will obtain a money fee in lieu thereof.
The President of Jaguar Well being, Lisa Conte, stated, “We’re grateful to our shareholders for voting to approve the proposal for a reverse inventory cut up, and — in assist of our technique of specializing in long-term buyers — now we have determined to implement a reverse inventory cut up right now to get Jaguar’s quoted inventory worth extra in step with typical institutional investing necessities.” (See Jaguar Well being inventory chart on TipRanks)
The inventory has a Average Purchase consensus ranking primarily based on 1 Purchase. Two months in the past, Cantor Fitzgerald analyst Louise Chen initiated a Purchase ranking on the inventory with a worth goal of $5, which suggests upside potential of 331% from present ranges.
The analyst believes that Jaguar Well being’s Mytesi product pipeline could be useful for the corporate because it has a number of makes use of in gastrointestinal problems of people and animals. Shares have gained 241.2% over the previous yr.
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