Why Cyclerion Therapeutics Stock Is Getting Hammered

Cyclerion Therapeutics Inc CYCN shares are trading lower by 43.33% to $0.53 during Thursday's trading session after the company announced a mitochondrial disease-focused strategy. The plan will include a 45% workforce reduction.

What Else?

Cyclerion Therapeutics says the company's workforce is being tailored to the mitochondrial disease-focused strategy, leading to a reduction of approximately 45%, to 16 full-time employees.

Cyclerion Therapeutics expects to take an aggregate charge for one-time employee-related costs of approximately $1.9 million that is expected to be incurred primarily in fourth-quarter 2022 and realize annual cash savings of approximately $4.1 million.

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According to data from Benzinga Pro, Cyclerion Therapeutics has a 52-week high of $3.05 and a 52-week low of $0.46.