Source: Numstocker/Shutterstock.com
Qualigen Therapeutics (NASDAQ:QLGN) finds itself on the ropes today as the clinical-stage therapeutics company’s shares reel from a steep fall following a meteoric rise on Friday.
Friday witnessed an unprecedented surge in QLGN stock, closing the day with an overwhelming 109.2% increase, buttressed by a staggering 420 million units exchanged hands. For perspective, its typical daily trading volume hovers around 12.5 million shares.
The rally was triggered by the company’s successful procurement of additional funding. Qualigen Therapeutics sealed a $2 million Senior Note deal with an investor, set to reach maturity by July 8, 2025.
Moreover, Qualigen Therapeutics undertook a restructuring of its board of directors, bidding farewell to four incumbents and ushering in three new faces—a maneuver orchestrated in tandem with the Senior Note transaction.
Downturn Daze on Monday
The trading landscape for Qualigen Therapeutics is vastly different today, with a mere 3 million units changing hands at the moment. It’s pertinent to note that its float stands at 9.59 million shares.
QLGN stock is grappling with a 21.9% decline as the new week unfolds. Despite the Friday surge, the company’s shares closed out the week with a 21.1% year-to-date decrease.
For traders hungry for the latest market buzz, a feast awaits!
Discover the freshest stock market narratives, from the whirling shares of Trump Media & Technology (NASDAQ:DJT) and DatChat (NASDAQ:DATS), to the movers-and-shakers stirring the pre-market pot. All this and more awaits discovery at the links below!
Monday Market Musings
On the day of writing, William White neither directly nor indirectly held any positions in the securities referenced. The opinions presented herein belong to the writer, governed by the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2024/07/why-is-qualigen-therapeutics-qlgn-stock-down-22-today/.
©2024 InvestorPlace Media, LLC
