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Clinical Data Plans 3-for-2 Stock Split to Thump Chest, Draft New Investors

NEW YORK (GenomeWeb News) — Clinical Data last week said that its board has authorized a 3-for-2 stock split, which will be effected in the form of a stock dividend.
On Oct. 1, stockholders of record as on Sept. 24 will receive one new share for every two shares they hold, the company said in a statement.
CEO Drew Fromkin said the split “reflects the confidence we have in the prospects of our company,” and is “an opportunity to broaden our base of investors by making our stock more accessible while improving its liquidity.”
Shares in the company briefly reached $35.08 last Friday, or around 20 percent higher than the day Clinical Data declared the split two days earlier. They were down at $31.82 in mid-afternoon, which is still 7.5 percent better than the closing price Sept.12.

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