Why did AzurRx BioPharma Inc. (AZRX) stock face headwinds in the after-hours on Tuesday?

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NXTP Stock
NXTP Stock

AzurRx BioPharma Inc. (AZRX) shares declined 2.93% in after-hours on Tuesday, September 14, 2021, and closed the daily trading at $4.30. However, in the regular trading session of Tuesday, AZRX’s stock gained 8.05%. AZRX shares have fallen 38.47% over the last 12 months, and they have moved down 31.63% in the past week. Over the past three months, the stock has lost 48.42%, while over the past six months, it has declined 73.63%.

Let’s see what are the latest news about the company?


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AZRX merger with First Wave Bio

On September 14, 2021, AzurRx BioPharma, Inc (AZRX) issued a letter to its shareholders from James Sapirstein, President, Chief Executive Officer and Chairman, regarding its recently announced merger with First Wave Bio, Inc. and adoption of the First Wave BioPharma name.

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The company acquired First Wave Bio in a stock and cash transaction valued at $229 million. AzurRx will change its name to First Wave BioPharma and trade on NASDAQ under the new ticker symbol, FWBI, effective by September 23.

AZRX reverse stock split

On September 10, 2021, AzurRx BioPharma, Inc. (AZRX) announced its intention to effect a reverse stock split of its common stock at a ratio of 1 post-split share for every 10 pre-split shares. AzurRx’s common stock will continue to be traded on the NASDAQ Capital Market under the symbol AZRX and began trading on a split-adjusted basis on Monday, September 13, 2021, under a new CUSIP number, 05502L204.

AZRX new clinical sites

On September 10, 2021, AzurRx BioPharma, Inc (AZRX) announced the activation of seven new clinical trial sites in India for the ongoing RESERVOIR trial evaluating FW-1022. FW-1022 is a proprietary oral tablet formulation of micronized niclosamide developed for the treatment of COVID-19-related GI infections.

AZRX update about Niclosamide

On September 09, 2021, AzurRx BioPharma, Inc. (AZRX) announced that an independent data monitoring committee (DMC) approved initiating patient enrollment in Part 2 of the ongoing RESERVOIR Phase 2 clinical trial evaluating FW-1022 as a treatment for COVID-19-related gastrointestinal (GI) infections.

AZRX IND for niclosamide

On September 08, 2021, AzurRx BioPharma, Inc. submitted an Investigational New Drug (IND) Application seeking permission from the FDA to begin a clinical trial evaluating proprietary formulations of niclosamide for Grade 1 and Grade 2 colitis and diarrhea in oncology patients receiving treatment with immune checkpoint inhibitors (ICIs).

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Conclusion

The recent merger approval could be the reason behind its minor loss in the after-hours but we have to wait and see how the market reacts to the merger in the coming trading days.

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