Aptevo Therapeutics Inc. (APVO) is having the kind of day that makes shareholders wince. Shares of the Seattle-based biotech plummeted Friday after the company pulled the trigger on a one-for-eighteen reverse stock split.

The Split Details: Here's how it works: every 18 shares of common stock currently outstanding will be squeezed into one share when the market closes on December 29. The par value stays at $0.001 per share. This wasn't a surprise move—stockholders gave their blessing at the annual meeting back in July, and the board locked in the final ratio in mid-December.

The market's reaction was swift and brutal. The stock hit an all-time low following the news, hovering around 51 cents. That's a far cry from the 52-week range of 91 cents to $109.80, showing just how rough the ride has been for Aptevo.

The company's recent financial performance hasn't exactly inspired confidence either. Aptevo reported quarterly losses of $2.23 per share, missing analyst expectations of $2.09 per share. Making matters worse, net losses ballooned year-over-year from $5.1 million to $7.5 million.

Price Action: Aptevo shares were down 44.08%, trading at $0.5176 at the time of publication.