By Stephen Nakrosis
Shares of Pulmatrix hit a 52-week high on the Nasdaq, more than doubling their opening price before giving back gains, following news of a planned merger with privately held biopharmaceutical company Cullgen.
In Thursday afternoon trading, the stock was up 28% at $4.58. Shares opened at $3.88, and rose to a 52-week high of $7.87 earlier in the session.
Trading in the company's shares was halted several times on Thursday, due to volatility. Trading volume was above 14 million shares shortly after 2 p.m. EST, above the stock's 65-day average volume of 67,239 shares.
The company has a public float of 3.65 million shares.
On Wednesday, Pulmatrix announced a deal to merge with Cullgen. The deal would see the combined company list of the Nasdaq under the name Cullgen Inc. The deal also calls for Pulmatrix to divest assets, including its acute migraine candidate, PUR3100, and other development candidates based on its iSPERSE technology, the companies said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 14, 2024 14:24 ET (19:24 GMT)
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