Qualigen Therapeutics (NASDAQ:QLGN) stock is falling on Monday as the clinical-stage therapeutics company’s shares come off of a massive rally on Friday.
That Friday rally resulted in shares of QLGN stock closing out normal trading hours up 109.2%. This came alongside heavy trading with more than 420 million units traded. For comparison, its daily average trading volume is about 12.5 million shares.
The rally of QLGN stock happened after the company secured new funding. Qualigen Therapeutics sold a Senior Note worth $2 million to an investor. It has a maturity date of July 8, 2025.
To go along with this, Qualigen Therapeutics also changed up its board of directors. This saw it remove four members from its board and replace them with three new members. That happened as a condition of the Senior Note sale.
QLGN Stock Movement on Monday
Qualigen Therapeutics isn’t seeing near as much trading activity on Monday. This has roughly 3 million units on the move as of this writing. It’s also worth noting that its float is 9.59 million shares.
QLGN stock is down 21.9% as of Monday morning. The company’s shares closed out Friday down 21.1% year-to-date even after its rally.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
