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Wednesday, May 25, 2022

Exicure, Inc. (XCUR) Stock Surging in Premarket, Here’s the Cause

Exicure, Inc. (XCUR), a clinical-stage biotechnology company, has soared 3.04% during the premarket trading session. As a result, the stock is trading at $0.1695 at the time of the writing. On Thursday, XCUR closed the day at $0.1645 after slightly declining by 0.96% during the regular trading session. The decline could be attributed to analysts placing negative evaluations of the stock, the reason being several negative signals associated with it. For the moment, let’s discuss some developments related to XCUR.

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Promotion in XCUR

On the 18th of January, XCUR announced that the Board of Directors of the company had promoted the Company’s current Chief Accounting Officer, Elias D. Papadimas, to the role of Chief Financial Officer. The appointment was to become effective from the 17th of January 2022. The Company’s Chief Executive Officer Brian C. Bock was to remain the principal executive officer of the Company. Alongside his appointment as CFO, Mr. Papadimas was also appointed as the corporate secretary of the Company.

Investigations of Securities Fraud

Numerous law firms are currently investigating Exicure for making false and misleading statements to the market. The company’s preclinical program for the treatment of Friedreich’s ataxia is claimed to have suffered from improprieties. As a result, a significant risk was created that the preclinical program would not support the continued development of the treatment. These facts depict that the company’s public statements were false and materially misleading throughout the class period. When the market came to know of it, investors of XCUR suffered a huge impact.

Termination of Sales Agreement

On the 5th of January, XCUR announced that the BMO Capital Markets Corp., a Delaware corporation with whom the company entered into an equity distribution agreement in late December, delivered written notice to the Company to terminate the Sales Agreement according to Section 6(b). Both the companies agreed to terminate the Sales Agreement. As a result of the termination, the Company will not sell any additional shares of Common Stock under the Sales Agreement.

Future Outlook for XCUR

During the last three months, XCUR stock has declined more than 80%, the prime reason being the ongoing investigations against the company. Looking ahead, the times appear to be gloomy for the stock as no positive development seems to be on the horizon for it. Hence, potential investors should make an informed decision regarding their investments in XCUR.

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