Shares of Abbott Laboratories (NYSE:ABT) ended Friday session in green amid volatile trading. The shares closed up +0.71 points or 1.85% at $39.09 with 8.75 million shares getting traded. Post opening the session at $38.45, the shares hit an intraday low of $38.41 and an intraday high of $39.44 and the price vacillated in this range throughout the day. The company has a market cap of $56.67 billion and the numbers of outstanding shares have been calculated to be 1.47 billion shares.
Abbott Laboratories (ABT) recently declared financial results for the third quarter ended Sept. 30, 2016.
Third-quarter worldwide sales of $5.3 billion raised 2.9 percent on a stated basis and 4.0 percent on an operational basis.
Stated diluted EPS from continuing operations under GAAP was a $(0.24) loss in the third quarter, mainly because of an adjustment of $(0.66) per share associated with Abbott’s equity investment in Mylan to reflect Mylan’s share price as of Sept. 30, 2016. Apart From specified items, adjusted diluted EPS from continuing operations was $0.59 in the third quarter, at the high end of the previous guidance range.
Abbott adjusted its full-year 2016 EPS guidance for continuing operations under GAAP to $0.59 to $0.61, and narrowed and raised at the mid-point its full-year 2016 adjusted EPS for continuing operations to $2.19 to $2.21, surpassing its initial guidance for the year.
In the third quarter, Abbott received U.S. FDA approval for its FreeStyle® Libre Pro system, a revolutionary continuous glucose monitoring system for healthcare professionals to use with their patients with diabetes; presented for U.S. regulatory approval a consumer version of FreeStyle Libre, to be used by people with diabetes to self-monitor glucose levels; received U.S. FDA approval for AbsorbTM, the only fully dissolving heart stent; and received U.S. FDA approval for TECNIS® Symfony intraocular lenses for the treatment of cataracts, the first and only extended depth of focus lenses for people with cataracts.
Shares of Pernix Therapeutics Holdings Inc (NASDAQ:PTX) ended Friday session in green amid volatile trading. The shares closed up +0.44 points or 13.97% at $3.59 with 228,428 shares getting traded. Post opening the session at $3.15, the shares hit an intraday low of $3.15 and an intraday high of $3.65 and the price vacillated in this range throughout the day. The company has a market cap of $28.92 million and the numbers of outstanding shares have been calculated to be 8.51 million shares.
Pernix Therapeutics Holdings Inc (PTX) recently declared that its Board of Directors unanimously approved a reverse split of its common stock at a ratio of 1-for-10 and a majority voting standard for the election of directors in uncontested elections.
Reverse Stock Split
As of the effective date of the reverse split, each share of issued and outstanding common stock and equivalents will be converted into 1/10th of a share of common stock. In addition, the common stock will trade under a new CUSIP number. The reverse stock split will become effective as of the close of business on October 13, 2016, with anticipated trading on the post-split basis on NASDAQ commencing at the open of the stock market on October 14, 2016. The foregoing action has been duly approved by unanimous written consent of Pernix’s Board of Directors following the Maryland General Corporation Law, without stockholder approval.
As a result of the reverse stock split, the number of outstanding common shares will be reduced to about 9.5 million. Fractional stockholdings will be rounded up to the nearest whole number. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder’s ownership percentage of shares of the Company’s common stock. Pernix’s stockholders should contact their broker or Pernix’s transfer agent, Computershare, at 855-396-2084, for instruction regardingthe reverse stock split procedures.
The purpose of the reverse stock split is to raise the per share trading price of the Company’s common stock to regain compliance with the minimum $1.00 continued listing requirement for the listing of its common stock on The NASDAQ Global Market. As formerly declared, in order to maintain the Company’s listing on NASDAQ, on or before December 14, 2016, the Company’s common stock must have a closing bid price of $1.00 or more for a minimum of 10 prior successive trading days.