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Why Is ReShape Lifesciences (RSLS) Stock Down 63% Today?

  • ReShape Lifesciences (RSLS) stock is falling on Monday.
  • That comes as shares retreat from a recent rally.
  • This also brings with it heavy trading of RSLS stock.
RSLS Stock. Doctor or physician calculating a patients medical bills at a desk. Medical bills, health costs, health expenses.

Source: THICHA SATAPITANON / Shutterstock

ReShape Lifesciences (NASDAQ:RSLS) stock is falling hard on Monday as the company’s shares pull back from a rally on Friday.

RSLS stock saw a massive gain on Friday that had it finishing out normal trading hours more than 170% higher. That also came alongside heavy trading with some 11 million shares traded. For comparison, its daily average trading volume is closer to 470,000 shares.

That rally came after the company sought to withdraw two filings with the U.S. Securities and Exchange Commission (SEC). Those were Form RW filings tied to a Form S-1 registration statement. These had to do with a public stock offering, although the company is not withdrawing the offering itself.

RSLS Stock Movement on Monday

Considering Friday’s major rally, it makes sense that RSLS stock is giving up some ground today. This also comes alongside heavy trading volume this morning.

As of this writing, some 1 million shares of RSLS have changed hands. That’s well above the daily average trading volume. This likely comes as investors sell their stock after Friday’s rally.

RSLS stock is down 62.5% as of Monday morning.

Investors seeking out more of the latest stock market news on Monday are in luck!

We’ve got all of the hottest stock market coverage traders need to know about on Monday! That includes why shares of Jiuzi Holdings (NASDAQ:JZXN) and Secoo Holding (NASDAQ:SECO) stock are up, as well as the biggest pre-market stock movers from this morning. You can read up on all of that news at the following links!

More Monday Stock Market News

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Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/02/why-is-reshape-lifesciences-rsls-stock-down-63-today/.

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