Why Is Clearside Biomedical Stock (CLSD) Down Today?

Clearside Biomedical (CLSD) stock plummeted on Monday after the biopharmaceutical company announced its voluntary filing for Chapter 11 bankruptcy. The company said its Board of Directors made the decision to file for bankruptcy after having evaluated all strategic options.TipRanks Black Friday Sale Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence. Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off Clearside Biomedical intends to pursue the sale of all or part of its assets during the bankruptcy process. This will require interested parties to submit binding offers for its assets or business. Clearside Biomedical notes this would be free and clear of liens and interests. The company has also sought permission from the bankruptcy court to continue normal operations during this period. George Lasezkay, President and CEO of Clearside Biomedical, said, "We believe that we have attractive assets based on our clinically proven SCS Microinjector platform and associated intellectual property, our successful suprachoroidal CLS-AX (axitinib injectable suspension) clinical development program, multiple suprachoroidal licensing agreements and other related assets." Clearside Biomedical Stock Movement Today Clearside Biomedical stock was down 70.59% in pre-market trading on Monday, following a 4.21% rally on Friday. The shares have decreased 80.91% year-to-date and 83.21% over the past 12 months. With today's bankruptcy news came heavy trading of CLSD stock. This saw more than 774,000 shares traded as of this writing, compared to a three-month daily average of about 64,390 units.