RedHill Biopharma Stock Set to Reverse Split on Thursday, March 23rd (NASDAQ:RDHL)

RedHill Biopharma Ltd. (NASDAQ:RDHL – Get Rating)’s stock is set to reverse split on Thursday, March 23rd. The 1-40 reverse split was announced on Thursday, March 23rd. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, March 23rd.

RedHill Biopharma Stock Down 24.3 %

Shares of RDHL stock opened at $0.14 on Friday. The firm has a fifty day moving average of $0.20 and a 200-day moving average of $0.39. RedHill Biopharma has a 12-month low of $0.13 and a 12-month high of $3.27. The company has a market capitalization of $13.14 million, a price-to-earnings ratio of -0.09 and a beta of 2.28.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of RedHill Biopharma in a research report on Thursday. They set a “hold” rating for the company.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RDHL. Virtu Financial LLC grew its position in RedHill Biopharma by 44.8% in the third quarter. Virtu Financial LLC now owns 62,182 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 19,242 shares in the last quarter. CLARET ASSET MANAGEMENT Corp grew its position in RedHill Biopharma by 139.4% in the fourth quarter. CLARET ASSET MANAGEMENT Corp now owns 228,430 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 133,000 shares in the last quarter. Renaissance Technologies LLC bought a new position in RedHill Biopharma in the fourth quarter valued at $49,000. Morgan Stanley lifted its stake in RedHill Biopharma by 15.0% in the fourth quarter. Morgan Stanley now owns 445,309 shares of the biotechnology company’s stock valued at $62,000 after acquiring an additional 58,128 shares during the last quarter. Finally, Millennium Management LLC acquired a new stake in RedHill Biopharma in the second quarter valued at $324,000. Institutional investors own 5.20% of the company’s stock.

RedHill Biopharma Company Profile

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RedHill Biopharma Ltd., a specialty biopharmaceutical company, primarily focuses on gastrointestinal and infectious diseases. The company promotes gastrointestinal drugs, including Movantik for opioid-induced constipation in adults with chronic non-cancer pain; Talicia for the treatment of Helicobacter pylori infection in adults; and Aemcolo for the treatment of travelers' diarrhea in adults.