SLRX stock hits 52-week low of $1.24 amid market challenges By Investing.com

In a turbulent market environment, Salarius Pharmaceuticals, Inc. stock has hit record highs. (SLRX) hit a new 52-week low, falling to $1.24. The small-cap company, with a market capitalization of just $1.82 million, was going through a rough patch. While maintaining a healthy current ratio of 4.09 and more cash than debt on its balance sheet, the company has seen its stock price decline significantly from its 52-week high of $7.20. Investors were cautious, which was reflected in the stock’s performance with a stark one-year change, showing a decline of -74.29%. This downturn highlights the volatility and challenging conditions facing the biopharma sector, as companies like Salarius continue to strive for stability and growth amid a landscape of regulatory hurdles and competitive pressures. according to InvestingPro Through analysis, the stock appears undervalued at current levels, with 12 additional key insights available to subscribers.

In other recent news, Salarius Pharmaceuticals, Inc. announced Reports on key developments, including financial moves and clinical trial updates. The Company has scheduled its 2024 annual meeting of shareholders for December 20, 2024, with shareholders of record as of October 25, 2024 having the right to vote. Salarius also registered new shares of common stock valued at up to $335,921 under an existing agreement with Ladenburg Thalmann & Co., and initiated two new stock offerings aimed at raising up to $1,146,894.

Regarding clinical trials, Salarius has decided to discontinue its Phase 1/2 clinical trial of seclidemstat for the treatment of Ewing’s sarcoma. This decision is part of a strategy to conserve cash while looking for strategic alternatives. However, a setback occurred when a patient in a clinical trial experienced a grade 4 adverse event, resulting in a partial clinical suspension by the FDA. However, the company will continue to support separate clinical trials conducted by the University of Texas MD Anderson Cancer Center.

Finally, to meet the NASDAQ minimum offering price, Salarius announced a 1-for-8 reverse stock split. Equiniti Trust Company, LLC has been appointed as cashing agent and transfer agent for the reverse split. These recent developments reflect the company’s strategic maneuvers in responding to the challenges of financial and clinical trials.

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