Aeterna Zentaris Inc. (NASDAQ: AEZS) stock surged 22.2% to $0.83 in the pre-market session. Since January 1, the firm’s share price has lost -43.43%. A decline of -2.19% occurred in the stock during the most recent five trades, and an increase of 64.52% occurred in the most recent 30 trades. Yet, the share price increased by 40.10% in the past 6 months and 90.09% during the previous 3 months.
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Aeterna Zentaris Inc. is an innovative specialty biopharmaceutical company involved in developing and commercializing medications and diagnostic tests. Among the Company’s products, Macimorelin is the first FDA and European Commission approved oral test for diagnosing adult growth hormone deficiency (AGHD).
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The company just reported that it had received a letter of notification from The Nasdaq Stock Market LLC, informing it of the additional 180-day period it has been granted for regaining conformity with the minimum bid price requirement.
It is worth noting that the current Nasdaq notification does not affect the Company’s shares trading on the Nasdaq Capital Market under the symbol “AEZS”.
To regain compliance with the minimum bid price requirement, the Company has until July 26, 2021, or 180 days from the notification date on January 26, 2021. The Nasdaq stock exchange will inform the Company that it has achieved compliance with the minimum bid price requirement if the bid price of the Company’s common shares reaches or exceeds US$1.00 per share for a minimum of 10 consecutive business days before July 26, 2021.
During the 180-day grace period, if the Company does not meet the minimum bid level, Nasdaq will notify the Company in writing that it will be delisted. At such time, the Company has the right to appeal its delisting to a Nasdaq Hearings Panel. Until the Panel releases its decision, the Company would remain listed. A delisting decision that the Company appeals may be successful, but there is no assurance.
This letter does not affect the Company’s compliance with the Toronto Stock Exchange, on which the Company is also listed.
Insider trading is often viewed as a significant signal of a stock’s prospects by investors. Several high-value investors own AeternaZentaris Inc. Morgan Stanley is its biggest direct holder, owning 1123998 shares. With 156700 shares of the Company’s stock, Two Sigma Advisers, LP is the second largest direct shareholder. The next largest shareholder with 93950 shares of AEZS is JP Morgan Chase & Company.