Northwest Biotherapeutics, Inc (NASDAQ:NWBO) shares rose 8.96% in after-hours trading to $0.459 on a decrease in short interest. The company has a market cap of $49.78 million at 113.57 million shares outstanding. Share prices have been trading in a 52-week range of $0.44 to $12.19 and the stock is down nearly 90% for the year.
Northwest Biotherapeutics is a biotechnology company that is focused on developing immunotherapy products to treat cancer. One of the product lines, DCVax-L, is designed to cover all solid tumor cancers in which the tumors can be surgically removed. Another product line, DCVax-Direct, is designed for all solid tumor cancers.
As reported by FINRA, short interest fell 13.17% for Northwest Biotherapeutics shares in July. At the moment, one of the company’s lead product candidates is still in its Phase III clinical trials and has been so for almost an entire year already. So far, management has been unable to provide details on the progress or lack thereof.
As it is, the stock has failed to close above the $1 minimum threshold to maintain its NASDAQ listing, placing in within the 180-day grace period before it is delisted. The outlook is looking grim unless management is able to provide an update on its clinical trials or financial standing to its investors.
Interestingly enough, Northwest Biotherapeutics CEO Linda Powers has revealed that she has been issuing stock in lieu of cash to the company’s marketing partner, Cognate, which happens to be a subsidiary of her own fund. In addition, the company has disclosed that it has entered into definitive agreements with two institutional investors for a registered direct offering of $3.7 million, which amounts to $0.50 per share or roughly the stock’s current price. With that, it’s hard to imagine that the company’s shares could see further upside from here and that the recent pickup might simply offer a chance for sellers to short at a better price.
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