Shares of the specialty pharmaceutical company developing medicines to treat addictions and drug overdose, Opiant Pharmaceuticals Inc. (OPNT) gained 5.20% to $18.00 in Tuesday’s after-hours trading. In the morning session, Opiant stock gained 4.27% to finish at $17.11. There were 58042 shares traded for OPNT stock, a volume which was below the average daily trading volume of 0.17 million shares published for the last 50 days.
Over the last five days, OPNT stock has declined 3.63%; however, over the last month, it has gained 23.09%. This year, the price of OPNT stock has risen 81.63 percent and has surged by 62.18% over the last three months. As a result of the news of its grant of inducement awards to new employees, OPNT stock surged.
How did OPNT grant the award?
Pharmaceutical company Opiant Pharmaceuticals develops medicine to treat drug overdoses and addictions. As a treatment for opioid overdoses, OPNT provides NARCAN nasal spray, an opioid-reversing treatment. Products that are in OPNT’s pipeline include treatments for opioid overdose reversal, alcohol use disorders, acute cannabinoid overdoses, and opioid use disorders. The company used to be known as Lightlake Therapeutics Inc. and since January 2016 has changed its name to Opiant Pharmaceuticals, Inc.
Opiant Pharmaceuticals announced yesterday it had granted incentive awards to two new employees, an announcement made by OPNT in compliance of Nasdaq Market rules.
- In an action approved by its Compensation Committee, OPNT Board of Directors granted a non-qualified stock option.
- A grant of restricted stock units covering 15,000 shares of common stock along with an option to purchase 50,000 shares of OPNT common stock.
- OPNT granted it as an inducement incentive to Matthew Ruth, its new Chief Commercial Officer, for his acceptance of employment with the Company in accordance with Nasdaq listing rules.
- A further 6,500 shares of OPNT common stock and restricted stock units were approved by the Committee as additional non-qualified stock options.
- A total of 3,200 shares of OPNT common stock will be delivered as a material incentive to another new employee joining the organization.
Terms under which OPNT will execute the options:
The exercise price for OPNT options is $16.41, which is the closing price of Opiant’s common stock on the Nasdaq Stock Market on July 19, 2021, the grant date. A restricted stock unit award will vest over a four-year period, with 25% vesting on the one-year anniversary of the grant date and the subsequent 25% vesting each subsequent anniversary of the grant date, provided an employee remains employed by Opiant (OPNT) through these vesting dates. OPNT’s existing Inducement Plan, as well as the stock option contract among employees and restricted stock unit contracts between employees, governs the exercise of stock options and the award of restricted stock units.