By Denny Jacob
Cara Therapeutics shares gained after a recent 1-for-20 reverse stock split became effective.
The stock was about 20% higher, at $5.11, in midday Tuesday trading. Shares of the biopharmaceutical company are down 43% on the year.
The Stamford, Conn., company's shares began trading on a reverse stock-split adjusted basis when trading opened Tuesday. This reduced the number of issued and outstanding shares of its common stock to about 4.6 million from 54.9 million.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 31, 2024 14:11 ET (19:11 GMT)
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