Windtree Therapeutics Inc ( WINT ) shares have trended lower over the past two trading sessions following a strong surge in shares on Tuesday. Here’s a look at what’s going on.

What To Know: Windtree Therapeutics ( WINT ) stock spiked well above $1.00 on Tuesday after the company announced a binding agreement to acquire waste management company Titan Environmental Services.

Windtree said it believes the fragmented waste management market provides an opportunity to scale the business and provide growth for the company. Titan Environmental Services will become Windtree Environmental Services upon closing of the transaction, which is expected in the third quarter.

“This transaction strategically aligns with our vision of diversifying our business model by increasing revenue and providing significant growth potential for the Company,” said Jed Latkin, CEO of Windtree.

The strong surge in shares was short-lived as the stock pulled back to around 65 cents, but shares got a boost again on Wednesday after the company announced that it received a non-binding letter of intent to purchase its preclinical oncology aPKCi inhibitor platform for $7 million. The offer also included up to $130 million in milestone payments, as well as royalties of up to $1.5 billion.

Despite climbing back up to around 85 cents Wednesday morning, Windtree shares again trended lower for most of the session and weakness has continued into Thursday with the stock down another 12.6%, trading at approximately 61 cents at the time of publication, according to Benzinga Pro.

Windtree had just $1.2 million in cash and cash equivalents as of March 31. The company announced this week that it raised an additional $3.9 million through note purchase agreements.

The significant volatility in Windtree is expected given the company’s market cap of just $2.56 million and low float of just 3.66 million shares. Low-float micro-cap stocks tend to be extremely volatile.

Windtree Therapeutics ( WINT ) shares are down approximately 96.5% year-to-date, per Benzinga Pro.

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This illustration was generated using artificial intelligence via MidJourney.