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Why Anthera Pharmaceuticals is up 658 Percent Monday

Anthera Pharmaceuticals (NASDAQ: ANTH) is up 658 percent in late trading Monday on a 1 for 8 reverse stock split.

The company announced on Friday that it had filed a Certificate of Amendment allowing it to effect a 1 for 8 reverse stock split which was approved at its annual meeting on May 16.

Anthera Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with autoimmune disorders.

Note: Some sites have already adjusted the stock for the reverse split and are not showing a triple digit percentage gain for the day.

Disclosure: At the time of this writing, the author had no position in the company mentioned.

[stock-tools exchange="NASDAQ" symbol="ANTH" image_height="230" image_width="350"]

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