Why PaxMedica (PXMD) Stock Is Down 20% Today

PaxMedica Inc PXMD shares are trading lower by 21% to $0.16 Monday afternoon after the company announced a 1-for-17 reverse stock split.

What Else?

PaxMedica's 1-for-17 reverse stock split is effective today, October 30. As a result, the common stock will start trading on a split-adjusted basis from October 31.

This reverse split means that 17 pre-split shares of common stock have been combined into one share. No fractional shares were issued, and those entitled to fractional shares will receive whole shares instead.

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According to data from Benzinga Pro, PXMD has a 52-week high of $4.07 and a 52-week low of $0.15.