Clinical Data hits 52-week high on news of stock split

Clinical Data, Inc. (Nasdaq: CLDA) shares hit a 52-week high after the company announced this afternoon that its board of directors authorized a 3-for-2 split of common stock. The dividend will be made on October 1 to stockholders of record as of September 24. Trading of the split-adjusted shares will begin on October 2.

The split will give the Newton, Mass.-based biotechnology company an increase of about 20.5 million shares.

 “This stock split reflects the confidence we have in the prospects of our company and demonstrates our commitment to maximizing stockholder value,” CEO Drew Fromkin said in a press release. “We believe this stock split provides an opportunity to broaden our base of investors by making our stock more accessible while improving its liquidity.”

Shares hit a 52-week high in Wednesday’s trading - closing up 5.68%, or $1.62, at $30.04. Over the last 52 weeks, shares have hit as low as $13.35.

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