PaxMedia hires ShareIntel to look into recent stock weakness, after a 45% plunge amid an 8-day losing streak

Shares of PaxMedia Inc. (PXMD) bounced 2.0% in premarket trading Thursday, after the biopharmaceutical company, which focuses on treatments of Autism Spectrum Disorder (ASD) said it was not aware of any news that might have led to the recent selloff in its stock. The company said it has hired Shareholder Intelligence Services LLC (ShareIntel) to look into the recent price fluctuations. PaxMedia's comment on its stock comes after it closed Wednesday at a record low of 78 cents, following a 44.7% plunge amid an eight-day losing streak. ShareIntel was the share-tracking company hired by a number of companies earlier this year to look into allegations of illegal "naked" short-selling, or bets that a stock will fall without the required borrowing of shares to execute the deal. The stock has tumbled 55.5% over the past three months through Wednesday, while the iShares Biotechnology exchange-traded fund (IBB) has gained 5.3% and the S&P 500 has climbed 10.9%.

-Tomi Kilgore

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06-22-23 0852ET

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