The Rubius Therapeutics Inc (NASDAQ: RUBY) stock price rallied 65% higher a day before its stock price is due for delisting from the Nasdaq stock exchange, which indicates that the company has secured a hearing with the Nasdaq’s listing committee.
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The company received a delisting notice from the Nasdaq on February 7, 2023, since its shares had been trading below the required $1.00 level since mid-September 2022. The company said it would ask for a hearing with the Nasdaq listing committee to appeal the delisting notice.
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However, I couldn’t find a Securities and Exchange Commission (SEC) filing confirming that the company had secured a hearing. Still, such requests are usually granted by the Nasdaq, which explains the investor confidence in RUBY stock and their renewed interest in the company.
Still, the path ahead for Rubius Therapeutics is full of challenges, given the many resignations at the company this year. For example, Laurence Turka, M.D., stepped down from his position as Chief Scientific Officer (CSO) and Head of Research and Translational Medicine.
The company has also lost multiple directors who resigned on January 31, 2023, including Susanne Schaffert, PhD, Michael Rosenblatt, M.D. and Francis Cuss, M.B., B. Chir., FRCP, who notified their company of their resignation on January 31, 2023.
Rubius Therapeutics also lacks a substantive CEO after Dannielle Appelhans was terminated as the company’s CEO on January 31, 2023. Luckily, she agreed to stay as CEO until March 3, 2023, as the company seeks a replacement. Ms Appelhans was the firm’s CEO and President.
As a value investor, I would stay away from Rubius therapeutics stock, given the company’s significant leadership vacuum and past performance. There are much better investment targets in the stock markets.
The recent rally in RUBY shares is likely driven by retail investors looking to make a quick buck, but such rallies tend to end in many investors being left holding the bag when those who were early take their profits and stay away from the stock.
*This is not investment advice.
The Rubius Therapeutics stock price rallied 64.84% to trade at $0.3132, from Monday’s closing price of $0.1900.
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