Vyant Bio (Nasdaq: VYNT) shares have more than doubled premarket after the company said it has engaged LifeSci Capital as its financial advisor to assist in exploring a range of strategic alternatives focused on enhancing shareholder value.
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The biotechnology company, which is aiming to reinvent drug discovery for complex neurodevelopmental and neurodegenerative disorders, did not confirm what the strategic alternatives could be but stated there is no assurance the review will result in any changes or lead to any specific actions.
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At the time of writing, Vyant shares are up 106.55% at $1.59 per share. However, as of yesterday’s close, it is down 89% in the last 12 months and 74% in the last three months.
“The company’s Board and Management believes that the company has made tangible progress in its drug discovery strategy focused on the identification of new, disease modifying therapeutics to treat neurodevelopmental and neurodegenerative diseases,” commented Jay Roberts, Chief Executive Officer of Vyant Bio.
“However, the Board and Management also believe that it would be a prudent time to contemplate strategic alternatives while continuing to execute on the current business plan.”
According to analyst rating website TipRanks, two analysts have a Buy rating on Vyant, with the average price target at $9 per share.
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