PainReform Ltd. (NASDAQ:PRFX) dropped 17% after a recent jump despite the company not releasing any news. The company focuses on established drugs reformulation with an extended-release system vital in minimizing post-surgical pain. Retail traders in social media platforms have been citing PRFX’s low float as a catalyst to spur up momentum. That added to the speculation that PainReform is almost releasing its third Phase PRF-110 clinical trials results could be the reason behind the movement.
PRF-110 PainReform’s flagship drug candidate based on ropivacaine, and it targets the post-surgical pain relief market. The product is a viscous, oil-based solution applied directly in a surgical wound before closing it to offer prolonged and localized post-surgery analgesia.
Additionaly, PainReform’s novel extended—releases, treatment-delivery system has been designed to offer extended post-operative pain reprieve without needing frequent dose administration and at the same time minimize the need for opiate use. Therefore, PRFX is worth keeping an eye on ahead of PRF-110 trials findings release.
On Friday, PRFX stock fell 16.76% at $2.88 with more than 1.74million shares, compared to its average volume of 1.53 million shares. The stock has moved within a range of $2.8400 – 3.4000 after opening the trade at $3.21.
