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

Shares of RedHill Biopharma Ltd. (NASDAQ:RDHL – Get Rating) are set to reverse split before the market opens 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 %

RDHL stock opened at $0.14 on Friday. RedHill Biopharma has a 12-month low of $0.13 and a 12-month high of $3.27. The company has a market cap of $13.14 million, a price-to-earnings ratio of -0.09 and a beta of 2.28. The company has a 50 day moving average of $0.20 and a two-hundred day moving average of $0.39.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On RedHill Biopharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC lifted its position in RedHill Biopharma by 59.8% in the 2nd quarter. Virtu Financial LLC now owns 42,940 shares of the biotechnology company’s stock worth $37,000 after buying an additional 16,076 shares in the last quarter. BlackRock Inc. lifted its position in RedHill Biopharma by 18.6% in the 1st quarter. BlackRock Inc. now owns 357,493 shares of the biotechnology company’s stock worth $901,000 after buying an additional 56,178 shares in the last quarter. Morgan Stanley lifted its position in RedHill Biopharma by 15.0% in the 4th quarter. Morgan Stanley now owns 445,309 shares of the biotechnology company’s stock worth $62,000 after buying an additional 58,128 shares in the last quarter. CLARET ASSET MANAGEMENT Corp increased its stake in shares of RedHill Biopharma by 139.4% during the 4th quarter. CLARET ASSET MANAGEMENT Corp now owns 228,430 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 133,000 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of RedHill Biopharma during the 4th quarter worth $49,000. Hedge funds and other institutional investors own 5.20% of the company’s stock.

About RedHill Biopharma

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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.