Why VBI Vaccines Shares Are Getting Obliterated

VBI Vaccines Inc VBIV shares are trading lower by 46.42% to $0.16 Tuesday afternoon after the company announced a 1-for-30 reverse stock split.

What Else?

VBI on Tuesday said the company will continue to heavily prioritize making a difference in both prevention and treatment of hepatitis B (HBV) with PreHevbrio™ [Hepatitis B Vaccine (Recombinant)] and immunotherapeutic candidate VBI-2601.

VBI will also take on cost-saving measures expected to reduce quarterly operating expenses and headcount by 30-35%.

The company will also effect a 1-for-30 reverse stock split of its issued and outstanding common shares. VBI says shares are expected to trade on the new split-adjusted basis as of commencement of trading on April 12.

According to data from Benzinga Pro, VBIV has a 52-week high of $1.85 and a 52-week low of $0.16.