PAVmed Inc (NASDAQ:PAVM) Stock Extends Fall: Slumps 32% in a Month
Shares of PAVmed Inc (NASDAQ:PAVM) continues to trend lower and now down 32% in a month.
Market Stats
On Thursday, PAVM stock gained 1.71% at $4.1600 with more than 2.75 million shares, compared to its average volume of 2.37 million shares. The stock has moved within a range of $4.0200 – 4.2800 after opening the trade at $4.0900.
Key Financial Update
Highly differentiated, multi-product, a commercial-stage medical device company, PAVmed Inc (NASDAQ:PAVM), and majority-owned subsidiary Lucid Diagnostics Inc, commercial-stage cancer prevention diagnostics company, on November 16, 2021, provided a business update for the firms. The company also discussed preliminary financial results six and nine months ending September 30, 2021.
LishanAklog, M.D., PAVmed’s Chairman, and Chief Executive Officer, and Lucid’s Chairman and Chief Executive Officer, said that the quarter three and recent weeks have proven to be an exciting time for the companies.
Aklog added that the company is now a Nasdaq-listed public company. He added that the firm has raised ample capital for executing growth strategy and driving commercialization in a $25 billion-dollar addressable company.
The company’s equity stake in Lucid hiked from about 73% to 76% post-IPO after converting debt into equity immediately.
The CEO added that Lucid and PAVmed are in a robust financial position with more than $90 million in cash between them. PAVmed does not need to raise and spend capital on Lucid’s operations anymore. The company can deploy capital for advancing and commercializing other key products and expanding its portfolio.
The company’s subsidiary Lucid Diagnostics finished the initial public offering of 5,000,000 shares of common stock. The two companies together have a headcount to more than 70 employees with the bulk in Lucid’s commercial sales team.
Lucid is looking to expand the network of Lucid Test Centers in cities across the Western U.S. with test centers in Salt Lake City, Denver, and Las Vegas.
Key Quote
“The third quarter and recent weeks have proved to be an exciting time for our companies—almost certainly the most important in PAVmed’s corporate history,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer and Lucid’s Chairman and Chief Executive Officer. “Lucid is now a Nasdaq-listed public company having raised sufficient capital to execute on its growth strategy and drive commercialization in a $25 billion-dollar addressable company. PAVmed’s equity stake in Lucid actually increased from approximately 73% to 76% post-IPO as a result of PAVmed converting debt into equity immediately prior to consummation of the IPO.”
Traders Corner
PAVM stock is trading below the 20-Day and 50-Day Moving averages of $5.33 and $6.78 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.75. The stock is down 32% in the past month.
