After closing nearly 137% higher yesterday, shares of medical technology company InVivo Therapeutics (NASDAQ:NVIV) are trading nearly 10% lower in the early session today. The stock is set to be delisted from the NASDAQ on February 13.
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Last week, InVivo and its subsidiary voluntarily filed for bankruptcy after evaluating all strategic alternatives. The company plans to continue operations during the proceedings and intends to seek a sale of its assets. Following the bankruptcy filing, NASDAQ decided to delist InVivo shares.
Why Did InVivo Stock Drop?
InVivo shares have declined by nearly 77% over the past year after a clinical trial evaluating the company’s neurospinal scaffold device for the treatment of spinal cord injury failed to achieve its primary endpoint. Following this setback, InVivo began evaluating strategic alternatives.
Now, the stock is seeing wild moves on elevated volumes as the delisting deadline nears. Yesterday, nearly 188 million InVivo shares changed hands compared to an average of 112,000 shares per day over the past three months. Still, the stock remains nearly 27.4% lower year-to-date.
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