180 Life Sciences Corp ATNF shares are trading lower on above-average volume Tuesday. The stock fell from session highs Tuesday afternoon following an at-the-market offering.
What Happened: Clinical-stage biotech firm 180 Life Sciences saw increased retail investor interest last week after the company announced a reverse split. Shares have been extremely volatile since.
The stock began trending across social media platforms as traders highlighted high short interest in the name. According to Benzinga Pro, 48.47% of the float is currently sold short.
Tuesday afternoon, 180 Life Sciences announced a $6 million direct offering that sent shares spiraling lower. The company intends to use the net proceeds from the offering for research and development expenses and general corporate purposes, including the preparation of a marketing authorization application and legal expenses.
180 Life Sciences’ average session volume over a 100-day period is just under 30,000. Tuesday’s trading volume has exceeded 27.5 million at publication time.
See Also: Why Is Gilead Sciences Stock Sliding Tuesday?
ATNF Price Action: ATNF shares traded as high as $6.83 on Tuesday morning. The stock was halted on a circuit breaker to the downside following the offering announcement.
ATNF shares are down 15% at $2.25 at time of publication, according to Benzinga Pro.
Photo: StockSnap from Pixabay.
Image and article originally from www.benzinga.com. Read the original article here.