Pharmaceutical company Tryp Therapeutics (OTCMKTS:TRYPF) has seen its stock experience a strong selloff over the course of the past week and during that period, it has declined by as much a 10%.
Trading Data
On Wednesday, TRYPF stock was up 1.17% to $0.1774 with 95k shares, compared to its average volume of 69k shares. The stock has moved within a range of $0.1700 – 0.1840 after opening trade at $0.1760.
Tryp Therapeutics Receives Confirmation from FDA to Proceed with Phase 2a Study in Fibromyalgia
There has been no news at all about the company in the past week and hence, the decline in the stock may appear random or speculative to many investors. However, in this situation, it could be a good move to perhaps take a look at a development from earlier on this month on December 2. At the time the company had announced that it had got confirmation from the United States Food and Drug Administration that that review process in relation to the investigational new drug application from Tryp had been completed.
It goes without saying that the announcement was a significant one for the company. Due to the completion of the review process, the company also got the necessary permission to move forward the clinical study into fibromyalgia. While it is true that the development might not have had a material impact on the price action over the past week, it should be noted that it was an important development and something investors ought to be aware of.
Key Quote
“The upcoming Phase 2a study with the University of Michigan for fibromyalgia represents a significant milestone for Tryp’s clinical programs,” commented Greg McKee, Chairman and CEO of Tryp Therapeutics. “We are eager to begin enrolling patients in the study next year considering the significant, unmet needs of fibromyalgia patients.”
Technical Data
TRYPF stock is trading below the 20-Day and 50-Day Moving averages of $0.19 and $0.25 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.41. The stock is down 25% in the past week.
