Zentalis Pharmaceuticals Stock Plunges After 40% Workforce Cut Announcement

(RTTNews) - Zentalis Pharmaceuticals, Inc. (ZNTL) has experienced a significant drop of 24.38 percent in its stock value following Tuesday's announcement of a major workforce reduction.

Currently, ZNTL is trading at $2.00, down by $0.58 from its previous close of $2.40 The stock opened at $1.7700 with the day's trading range between $1.77 and $2.37.

The 52-week range spans from $1.77 to $18.07. Volume for the day has reached 9.5 million shares, significantly higher than the average volume of 1.5 million shares.

The company revealed plans to cut approximately 40 percent of its employees, which has led to a sharp decline in investor confidence